After falling during the pandemic, consumer insolvencies are once again increasing with Canadian volumes rising by 11% year over year. The pace of growth increased throughout the year, with Canadian insolvencies up an average of 19% in the second half of 2022. Despite this, total insolvencies remain well below pre-pandemic highs.
Still, roughly 100,200 Canadians filed a bankruptcy or consumer proposal in 2022.
Key Findings:
- HALF OF INSOLVENCIES FILED BY MILLENNIALS
- OVER HALF OF INSOLVENT DEBTORS HAVE AT LEAST ONE RAPID HIGH-COST LOAN
Click here to see the complete Hoyes Michalos JOE DEBTOR annual bankruptcy study which breaks down insolvent individuals nicely by age group, gender, marital status, and incomes. This study also provides some nice insight into who filed insolvency in 2022 and why. They also identify changes in trends and explain possible economic and systemic causes.