According to the 2020 “Survival Guide Study” from Credit Canada, 66 per cent of respondents say job loss or reduced income would, or already has, caused them a severe financial crisis. 53 per cent say a health or mental health crisis has the potential to trigger financial turmoil. Other flashpoints are an unexpected expense, the death of a loved one or marital breakdown.

According to the survey, 45 per cent of people needing help managing their finances during difficult times will look to divestment of savings, stocks and RRSPs. That was followed by taking a line of credit, seeking help from family and friends and lastly, using a credit card.

Four in ten Canadians between the ages of 18 and 34 would use a credit card to get out of a difficult situation as compared to about 30 per cent of those 35 to 54 years old and 21 per cent for those 55 and older.