BC Council for Families

The general consensus among the big banks and government is that the recession is ceasing and a slow recovery is in the works. But if analyses of family finance trends show anything, it’s that Canadian households will continue to grapple with money problems for some time. The Current State of Canadian Family Finances, The Vanier Institute of the Family’s newest report, points to unemployment, low income growth and continuing debt as ongoing challenges for Canadian families.

• 60% felt the recession had a negative impact on their family, in a Pollara poll from December 2009.

One of the biggest risks the Bank of Canada sees for families is continuing debt, which is outpacing income in many households. Families are listening though. During the past two years, while the economy reversed, saving came back in style.

• Households saved 50% more in the third quarter of 2009 than they did in 2008.

With the recession has come awareness about family spending and saving, but to successfully reach long term stability, families will need to continue prioritizing their money.