Would a sudden emergency put you into debt?

Financial stress keeps many Canadians awake at night, with 39 per cent saying it impacts their sleep and 34 per cent saying they have felt helpless about their finances in the past year. Photo by Getty Images/iStockphoto

It’s no secret that many Canadians are living on the financial razor’s edge, but nearly half of them are just one emergency expense away from falling into debt.

A single unexpected expense would throw off 45 per cent of Canadians’ finances, but that rises to 57 per cent of millennials who risk financial harm with a surprise expense, according to a recent report by online loan provider Fig Financial Inc.

To make matters worse, 47 per cent of Canadians say a $10,000 emergency outlay would throw them into debt, while 32 per cent would take on debt with a $5,000 emergency