Financial Wellness Crisis.

The Manulife of Canada debt survey, published on Nov.22, revealed that two in five Canadian's don't expect to get out of debt on their lifetimes. Also 94 per cent of respondents said the average household has too much debt, while 67 per cent of those in debt assumed that everyone else was. In the spring, 33 per cent said their spending was increasing faster than their income, but now 45 per cent said it. More than half of Canadians reported considerable non-mortgage debt and 60 per cent said their credit cards were carrying a large balance, which is up from 48 per cent in the spring. "There is a financial wellness crisis and it's affecting Canadians of all demographics'', said Rick Lunny, president and CEO of Manulife Bank. 

When people of Mr. Lunny’s brilliance don't attempt to sugar coat things, you know they're really bad.

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