Majority of Gen Z Canadians close to insolvency amid coronavirus pandemic, poll finds - Global News | Canada News Media
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Majority of Gen Z Canadians close to insolvency amid coronavirus pandemic, poll finds – Global News

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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.

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.






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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.

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“The younger generation, those still with student loans, Z generation … renters, they’re feeling the pinch,” said Grant Bazian, president at MNP LTD.

Canada is starting to see a K-shaped recovery, Bazian said.

That’s when the economy bounces back after a recession, but instead of the growth being uniform, different sectors and groups recover more quickly than others.

Young people, renters and lower-income Canadians are not the only ones who could be left out of the recovery. Throughout the pandemic, advocates and experts have also highlighted the disparate impact of COVID-19 on seniors, racialized Canadians and those with disabilities.

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Racialized groups in Canada will ‘lose’ in the post-pandemic economy. Experts aren’t surprised

The poll findings come from the MNP Consumer Debt Index, a quarterly survey that takes the temperature of Canadians’ finances. The index is currently at its second-lowest result of 94 points (the weaker the score, the worse Canadians are feeling about their debt).

Overall, the poll found that just under half of Canadians are $200 away from insolvency or already insolvent.

That figure is on the rise, having increased four points since July, the last time the poll was published.

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Canada’s bankruptcy and insolvency statistics suggest the billions in government supports rolled out this year are saving people from having to take such action — at least in the short term. In August, consumer filings were down more than 40 per cent compared with the previous year.

Federal income supports have recently been extended for many, and jobs are recovering. Canada added 378,000 positions last month, a stronger result than economists expected but still 720,000 jobs shy of pre-pandemic levels.

Read more:
Canada adds 378K jobs in September, beating expectations

Insolvency trustees across the country, however, are starting to hear from more people who are struggling, Bazian said. He also expects an uptick in inquires come tax time, because benefits like CERB are taxable.

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His advice is to get in touch with a professional to learn about the options before your finances reach a tipping point.

“Reaching out earlier — sooner than later — will help people decide what course of action take when it gets really bad for them,” he said.

The MNP Consumer Debt Index was compiled by Ipsos on behalf of MNP LTD between Sept. 1 and 3, 2020. For this survey, a sample of 2,001 Canadian adults were interviewed. Weighting was then employed to balance demographics to ensure that the sample’s composition reflects that of the adult population according to Census data. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.5 percentage points, 19 times out of 20, had all Canadian adults been polled. 

© 2020 Global News, a division of Corus Entertainment Inc.

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Langford, Heim lead Rangers to wild 13-8 win over Blue Jays

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ARLINGTON, Texas (AP) — Rookie Wyatt Langford homered, doubled twice and became the first Texas player this season to reach base five times, struggling Jonah Heim delivered a two-run single to break a sixth-inning tie and the Rangers beat the Toronto Blue Jays 13-8 on Tuesday night.

Leody Taveras also had a homer among his three hits for the Rangers.

Langford, who also walked twice, has 12 homers and 25 doubles this season. He is hitting .345 in September.

“I think it’s really important to finish on a strong note,” Langford said. “I’m just going to keep trying to do that.”

Heim was 1-for-34 in September before he lined a single to right field off Tommy Nance (0-2) to score Adolis García and Nathaniel Lowe, giving Texas a 9-7 lead. Heim went to the plate hitting .212 with 53 RBIs after being voted an All-Star starter last season with a career-best 95 RBIs. He added a double in the eighth ahead of Taveras’ homer during a three-run inning.

Texas had 13 hits and left 13 men on. It was the Rangers’ highest-scoring game since a 15-8 win at Oakland on May 7.

Matt Festa (5-1) pitched 1 1/3 scoreless innings to earn the win, giving him a 5-0 record in 13 appearances with the Rangers after being granted free agency by the New York Mets on July 7.

Nathan Eovaldi, a star of Texas’ 2023 run to the franchise’s first World Series championship, had his worst start of the year in what could have been his final home start with the Rangers. Eovaldi, who will be a free agent next season, allowed 11 hits (the most of his two seasons with Texas) and seven runs (tied for the most).

“I felt like early in the game they just had a few hits that found the holes, a few first-pitch base hits,” said Eovaldi, who is vested for a $20 million player option with Texas for 2025. “I think at the end of the day I just need to do a better job of executing my pitches.”

Eovaldi took a 7-3 lead into the fifth inning after the Rangers scored five unearned runs in the fourth. The Jays then scored four runs to knock out Eovaldi after 4 2/3 innings.

Six of the seven runs scored against Toronto starter Chris Bassitt in 3 2/3 innings were unearned. Bassitt had a throwing error during Texas’ two-run third inning.

“We didn’t help ourselves defensively, taking care of the ball to secure some outs,” Blue Jays manager John Schneider said.

The Blue Jays’ Vladimir Guerrero Jr. had a double and two singles, his most hits in a game since having four on Sept. 3. Guerrero is hitting .384 since the All-Star break.

TRAINER’S ROOM

Blue Jays: SS Bo Bichette (calf) was activated and played for the first time since July 19, going 2 for 5 with an RBI. … OF Daulton Varsho (shoulder) was placed on the 10-day injured list and will have rotator cuff surgery … INF Will Wagner (knee inflammation) was placed on the 60-day list.

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Rangers: LHP Chad Bradford (5-3, 3.97 ERA) will pitch Wednesday night’s game on extended five days’ rest after allowing career highs in hits (nine), runs (eight) and home runs (three) in 3 2/3 innings losing at Arizona on Sept. 14.

Blue Jays: RHP Bowden Francis (8-4, 3.50) has had two no-hitters get away in the ninth inning this season, including in his previous start against the New York Mets on Sept. 11. Francis is the first major-leaguer to have that happen since Rangers Hall of Famer Nolan Ryan in 1989.

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Billie Jean King set to earn another honor with the Congressional Gold Medal

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WASHINGTON (AP) — Billie Jean King will become the first individual female athlete to be awarded the Congressional Gold Medal.

Reps. Brian Fitzpatrick of Pennsylvania and Mikie Sherrill of New Jersey announced Tuesday that their bipartisan legislation had passed the House of Representatives and would be sent to President Joe Biden for his signature.

The bill to honor King, the tennis Hall of Famer and activist, had already passed unanimously in the Senate.

Sherrill, a Democrat, said in a statement that King’s “lifetime of advocacy and hard work changed the landscape for women and girls on the court, in the classroom, and the workplace.”

The bill was introduced last September on the 50th anniversary of King’s victory over Bobby Riggs in the “Battle of the Sexes,” still the most-watched tennis match of all-time. The medal, awarded by Congress for distinguished achievements and contributions to society, has previously been given to athletes including baseball players Jackie Robinson and Roberto Clemente, and golfers Jack Nicklaus, Byron Nelson and Arnold Palmer.

King had already been awarded the Presidential Medal of Freedom in 2009. Fitzpatrick, a Republican, says she has “broken barriers, led uncharted paths, and inspired countless people to stand proudly with courage and conviction in the fight for what is right.”

___

AP tennis:

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Account tweaks for young Instagram users ‘minimum’ expected by B.C., David Eby says

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SURREY, B.C. – Premier David Eby says new account control measures for young Instagram users introduced Tuesday by social media giant Meta are the “minimum” expected of tech companies to keep kids safe online.

The parent company of Instagram says users in Canada and elsewhere under 18 will have their accounts set to private by default starting Tuesday, restricting who can send messages, among other parental controls and settings.

Speaking at an unrelated event Tuesday, Eby says the province began talks with social media companies after threatening legislation that would put big tech companies on the hook for “significant potential damages” if they were found negligent in failing to keep kids safe from online predators.

Eby says the case of Carson Cleland, a 12-year-old from Prince George, B.C., who took his own life last year after being targeted by a predator on Snapchat, was “horrific and totally preventable.”

He says social media apps are “nothing special,” and should be held to the same child safety standards as anyone who operates a place that invites young people, whether it’s an amusement park, a playground or an online platform.

In a progress report released Tuesday about the province’s engagement with big tech companies including Google, Meta, TikTok, Spapchat and X, formerly known as Twitter, the provincial government says the companies are implementing changes, including a “trusted flagger” option to quickly remove intimate images.

— With files from The Associated Press

This report by The Canadian Press was first published Sept. 17, 2024

The Canadian Press. All rights reserved.



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