MNP 3 Minute Debt Break

The latest MNP Consumer Debt Index indicates Canadians’ confidence in personal finances and debt repayment abilities has reached the lowest level ever recorded.

When couples get married, there is a legal binding of finances and financial responsibilities. But should couples have separate bank accounts? In many cases, setting up a joint account can make achieving collective financial goals easier and measuring each spouse's contributions clearer. But it's not without its downsides – the most noteworthy being a loss of financial independence, either real or perceived.

Lorsque les couples se marient, il existe une obligation légale entre les finances et les responsabilités financières. Mais les couples doivent-ils avoir des comptes bancaires séparés ? Dans de nombreux cas, l’ouverture d'un compte conjoint peut faciliter la réalisation des objectifs financiers collectifs et permettre de mieux mesurer la contribution de chaque conjoint. Mais ce n'est pas sans inconvénient - le plus notable étant la perte d'indépendance financière soitréelle ou perçue.

Often, people are uncomfortable speaking openly about their debt and its impact on their personal well-being. Those who are experiencing credit issues fear that the social stigma of debt may be viewed negatively by family and friends and society in general.

Millennials are the generation that is quickly rising to dominance in Canada. They represent a highly influential age range of 25 to 40 years and comprise more than a quarter of the population. The common denominator among all generations is a desire for stronger financial health. That is, achieving a sense of economic stability within a set of values that helps sustain physical, emotional, and financial wellbeing.

Les gens sont souvent inconfortables de parler ouvertement de leurs dettes et de leurs impacts sur leur bien-être personnel. Les personnes qui ont des problèmes de crédit craignent que le stigmate social de l’endettement soit perçu négativement par leur famille, leurs amis et la société en général.

No matter where you are on the holiday scale, the pressure to ‘spend to celebrate’ the season can tip you into the red for months, even years. Specially after the COVID-related restrictions last year, the urge to make a big splash on the holidays could see your spending get carried away landing you in financial distress.

À ce moment-ci de l’année, nous pensons aux festivités et au plaisir avec les amis et la famille. Et parfois, nous le faisons sans penser aux finances. Souvent, les finances sont un sujet sur lequel nous ne nous concentrons pas assez tout au long de l'année parce que nous avons acquis de mauvaises habitudes financières.

This time of year we think about festivities and fun with friends and family. And sometimes we do it without thinking about finances. Often finances are something we don’t focus enough on through the entire year because we have acquired bad financial habits. They’re easy to fall into and can cause all sorts of personal and financial difficulties.

Nous associons souvent la retraite à profiter des fruits de notre travail. Mais de nombreuses personnes âgées se retrouvent en difficulté financière, même après des décennies à travailler.