Untitled Document

Table 2 Family behaviours and attitudes
	Used payday loan
	Yes		No
Indicators of previous financial difficulties	%
Behind two months or more in a rent or mortgage payment (2004)	15	^E	2	^*

Ever declared bankruptcy or made a formal or informal arrangement with a creditor	15	^E	6	^*


Financial management and spending
Spending in 2004¹
Exceeded income	40		18	^*
Equalled income	39		40
Was less than income	21	^E	42	^*


Credit card
Yes	57		83	^*
Balance usually paid off each month	55		72	^*
No	43		17	^*
Had been refused	33	^E	18


Other financial strategies (2004)
Used an asset to pay a debt	16	^E	5	^*
Pawned or sold possessions	19	^E	2	^*


Strategies in difficult financial times
Someone to turn to for assistance
No	48		32	^*
Yes	49		56
Not necessary	F		12

1 Excluding any money spent on investments or the purchase of a home or automobile.
* Significant difference at the 0.05 level or less between families who used payday loans and those who did not.
Source: Statistics Canada, Survey of Financial Security, 2005