Certain financial aspects are at the heart of Quebecers’ money problems. Here are five personal finance issues that are of increasing concern to them.
• Also read: “I am no longer afraid of the stock market”
• Also read: The 10 questions most asked by Quebecers in finance
Retirement
Half of Quebecers of working age fear not having sufficient financial cushion when they retire. This proportion rises to 67% among households whose annual income is less than $60,000, according to a Léger survey. Conversely, only 37% of respondents are confident of having enough money saved for their old age. Many will have to take matters into their own hands, because trusting the government is a guarantee of poverty. The average combined amount paid by the Régie des rentes du Québec (RRQ) and Old Age Security is less than $2,000 per month.
Debt
According to an Equifax report, the average non-mortgage debt in 2024 is $18,856 in Quebec. Two-thirds of households carry debt and 11% of families consider themselves over-indebted in Quebec (compared to 17% in British Columbia and 16% in Ontario). Among them, 28% have difficulty repaying them and 2% are unable to do so. The main reason is buying a house, which has become unaffordable for most people. Fortunately, the recent drop in interest rates is beginning to ease Quebecers’ concerns about their level of debt.
Fraud
Nearly 37,000 Quebecers were victims of fraud in 2023, an increase of 15% in two years, according to the Association of Police Directors of Quebec (ADPQ). The most common frauds in Quebec involve the fraudulent use of service cards, computers and identity theft. Over a period of three months in 2024, i.e. from 1is January to March 31, Quebecers declared losses of nearly $3 million, according to figures compiled by -. People remain complacent about fraud, especially young people. Among young adults aged 18 to 34, 32% think it is unlikely they will be victims of identity theft, according to an Equifax survey.
The cost of rent
Nowhere is inflation more visible than in real estate, particularly rents. A furnished three and a half apartment will exceed $1,700 in Montreal in 2024. A recent Léger survey showed that more than half of tenants (52%) are afraid of no longer being able to find adequate housing, while the housing crisis is in full swing. full. And this proportion rises to 61% among 35 to 54 year olds. In general, your rent and housing expenses should not exceed 35% of your gross household income. Many Quebecers today say they spend 50% and sometimes 60% of their income to pay rent.
Savings c. expenses
A glimmer of hope: even if the cost of living is stifling them and 61% of them believe that they do not have enough money left at the end of the month to save (according to an H&R Bloc survey), Quebecers save almost twice as much as the rest of Canadians, according to Statistics Canada (10.1% of their disposable income compared to 5.5% for the Canadian average). As the end-of-year holidays approach, Quebecers are also planning to spend less money than the rest of Canadians to spoil their loved ones. The level of savings may still be insufficient, but it is a step in the right direction.
Do you have any information to share with us about this story?
Write to us at or call us directly at 1 800-63SCOOP.
