Quote:
Originally Posted by opendoor
Keep in mind, those surveys are basically BS. They do them every single year and it's always 50% of Canadians (+/- a few % either way) who are on the brink of insolvency. Yet no other economic data backs that up, and through significantly changing economic conditions, insolvencies are still very low.
Either the methodology of the polling is terrible (it's funded by an insolvency trustee company, so there may be some conflict of interest there) or the people they poll simply have no idea about their own finances. The median net worth of a Canadian household is about $330K, so the idea that anyone near the 50th percentile of the population for wealth is $200 from insolvency is ridiculous.
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If that net worth includes the value of their home at any given snapshot in time, I'm not sure that makes it better or worse.