Rising number of Okanagan residents saddled with debt

A rising number of Okanagan residents are going into debt, according to BDO Senior Vice President Donna Mihalcheon.

“You see people today, they’ve got $1.68 of debt for every dollar they earn,” Mihalcheon said.

“Canadians are struggling everywhere and I see it here in the Okanagan all the time.”

Tweet This Click to share quote on Twitter: "Canadians are struggling everywhere and I see it here in the Okanagan all the time."

Get breaking National news

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.

Sign up for breaking National newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Mihalcheon attributes some of debt problems to unnecessary spending – purchasing out of want instead of need.

Seniors have some of the worst debt loads according to Mihalcheon, with close to record high client numbers coming to see her.

Mihalcheon said having a budget is your best bet to staying on track and also saving for a rainy day.

“Everybody needs to sit down and have an emergency fund,” Mihalcheon said.

Ideally, she advises people have four months pay in the bank to cover any unforseen expenses, but knows that’s not attainable for everyone.

“If you can siphon off $25 a month and save it, you can work towards that emergency fund.” Mihalcheon said.