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A Driving Force No More: Have Canadian Consumers Reached Their Limits?

  • Elena Simonova


    (Certified General Accountants Association of Canada)

  • Rock Lefebvre


    (Certified General Accountants Association of Canada)

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    In 2007, 2009, 2010 and then again in 2011, CGA-Canada set out to analyse the level of debt of Canadians, and to understand the extent to which the financial crisis and economic downturn worsened the financial situation of households, and whether the economic recovery have eased the financial stress. That was done by integrating the results of a public opinion survey commissioned by CGA-Canada with an analysis of available statistical information. The results of the analysis show that the financial condition of the aggregate household sector does not appear to be exceedingly distressful; however, focusing on the aggregate household sector conceals the fact that financial situation of certain groups of households may be much worse than average. Our ability to fully assess the state and level of household indebtedness is limited due to limited availability of data, whereas pan-Canadian perspective does not reflect significant regional differences. As such, the state and the dynamic of the household sector’s balance sheet should remain high on the radar of policy-makers.

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    File Function: First version, 2011
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    Paper provided by Certified General Accountants Association of Canada in its series Working Papers with number 110604.

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    Length: 129 pages
    Date of creation: Jun 2011
    Date of revision:
    Handle: RePEc:cga:wpaper:110604
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    1. Lise Pichette & Dominique Tremblay, 2003. "Are Wealth Effects Important for Canada?," Working Papers 03-30, Bank of Canada.
    2. Schellenberg, Grant & Ostrovsky, Yuri, 2010. "Retirement-Related Highlights from the 2009 Canadian Financial Capability Survey," Insights on the Canadian Economy 2010026e, Statistics Canada, Economic Analysis.
    3. Thomas A. Mroz & Timothy H. Savage, 2006. "The Long-Term Effects of Youth Unemployment," Journal of Human Resources, University of Wisconsin Press, vol. 41(2).
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