Canadians’ savings looking grim

Some Lower Mainland residents live paycheque to paycheque, according to recent report.

Black Friday sales in the Lower Mainland fast approaching. Lauren Gargiulo photo
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By Mathilda de Villiers

With Black Friday fast approaching, many Canadians may not have the finances to afford their wish lists.

Consumerism has increased in the country, following the American holiday that falls on the day after their Thanksgiving.

Vancouver International Airport is experiencing higher numbers today as many people are flying to the States to visit family, but deals on flights are also expected to be released for Black Friday.

Maria Hunter, traveling to San Fransisco for Thanksgiving, said that it’s a lot cheaper to fly on Thanksgiving day.

Vancouver is one of the most expensive cities in the country and its inhabitants are feeling the pressure.

With 41 per cent of Canadians living from paycheque to paycheque, the average population can only save an average of 1.7 per cent of their salary, according to a report by the Neighbourhood Financial Health Index.

The report also states that 19 per cent of the country’s population cannot afford a $2,000 emergency expense to be paid within 30 days.

“Canadians have a large amount of credit card debt,” said Steve Kates, associate professor of marketing at SFU.

Anne Marin is currently doing Christmas shopping at McArthurGlen Designer Outlet Vancouver in Richmond, where she shops regularly but said she always takes advantage of this time of year where prices drop.

“Who doesn’t shop on Black Friday?” she said.

Fridays for Future are participating in another global strike tomorrow, which happens to fall on one of the busiest consumer days of the year. With over 110 strikes registered, it will be the second biggest strike action from this group in Canadian history.

Vancouver International Airport expecting a busy few days ahead. Lauren Gargiulo photo

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