Majority of Gen Z Canadians Close to Insolvency Amid Coronavirus Pandemic, Poll Finds

Canadians are experiencing the economic effects of COVID-19 very differently — and it largely depends on how vulnerable they were prior to the pandemic, a new poll suggests, Global News reported. The youngest people in the workforce — those in Generation Z  — appear to be struggling the most, according to the poll, which was commissioned by insolvency firm MNP. Nearly 70 per cent are $200 or less away from insolvency, which includes 39 per cent who are already insolvent, meaning their financial resources aren’t enough to cover their current obligations. Other groups among the hardest hit in the pandemic include renters — 57 per cent who are in that same position — about half of women, and 67 per cent of households earning under $40,000. “The younger generation, those still with student loans, Z generation … renters, they’re feeling the pinch,” said Grant Bazian, president at MNP LTD. Read more