Calgary – A new survey finds families and individuals in British Columbia are already falling behind on personal finances during the COVID-19 crisis. A study conducted by Bromwich+Smith Licensed Insolvency Trustees with Leger Research, reveals over 51% of households in British Columbia have experienced an immediate income reduction. 19% of B.C. families are already behind on payments with credit cards, utilities and cell phone bills being the first to lag behind. The survey finds 47% of British Columbians say they are worried about falling behind at some point in the future.
“The results are quite staggering really. Of course, we get a sense of what is happening when we read the news, but the survey results make it far more real having interviewed 750 people across BC, Alberta and Ontario,” says David de Lange, Senior Vice President of Leger Research.
The survey conducted over a 24 hour period on March 23, also found in Ontario 49% of families have experienced an income reduction and 19% are behind on payments. In Alberta, 49% are experiencing lower incomes and 24% are already behind on monthly bills.
How do British Columbians adjust to unexpected reduction or loss of income? How do families continue to make vital payments while still having enough cash to cover essentials like rent, utilities and groceries?
The study revealed that most B.C. residents will first reach for federal and provincial government assistance (34%). 25% suggested that they “don’t know what to do” nor what action to take immediately.
