Posthaste: Would a sudden emergency put you into debt?

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 spend.

A single missed paycheque is all it would take for 51 per cent of Canadians to fall behind on their bills, according to software company

Employment Hero . Meanwhile, 43 per cent of Ontario residents are just $200 or less away from financial insolvency, according to a report by accounting firm MNP Ltd. in July.

“Many households are feeling caught between persistent economic pressures and global volatility, with little flexibility to manage any disruptions in income or unexpected expenses,” Caryl Newbery-Mitchell, a licensed insolvency trustee at MNP, said

in a news release at the time. “Some are hesitating to move forward with major financial or life decisions as a result.”

This level of 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.

The issue is even bigger among younger Canadians, with 59 per cent of those aged 18 to 34 and 49 per cent of those aged 35 to 54 struggling to manage the constant flow of financial decisions.

The anxiety has 51 per cent of Canadians feeling guilty about spending on themselves, even when it comes to small discretionary purchases.

Fig Financial recommends those struggling with their finances normalize conversations around money, plan and budget for unexpected emergencies and check on their finances regularly to make sure they’re on the right track.

“At Fig, we’re urging Canadians to break the silence around debt,” Francois Coté, chief executive of Fig Financial, said in a news release. “Open, honest conversations are the foundation for financial confidence.”

The Last Toy Stores

Have you noticed that your neighourhood Toys “R” Us location has closed, or maybe that it’s up for sale? Well, the team at the Financial Post Western Bureau did, too. They’ve put together a five-part series called The Last Toy Stores exploring the changing landscape of toy retail in Canada as the country’s largest chain shrinks its footprint. You can read the first part, detailing the changes at Toys “R” Us, here, and visit the series home page at Financialpost.com every day this week for a new instalment.

 Sign up here to get Posthaste delivered straight to your inbox.

Some challenging days on Wall Street have investors questioning whether U.S. stocks can rally over the holiday season — a time when typically stocks are at their strongest.

The Magnificent Seven tech stocks have supported a 34 per cent climb in the S&P 500, but their run has slowed and left growth to companies that are more exposed to the trouble facing the global economy.

Overall, big tech is off five per cent for the month, with only Alphabet Inc. seeing growth in November.

Nvidia Corp., Walmart Inc. and Target Corp. are each expected to report quarterly earnings this week and should offer a glimpse into the economy.

• 12:30 p.m.: Bank of Canada deputy governor Nicolas Vincent to speak in Quebec City
• 2:00 p.m.: U.S. Federal Open Market Committee releases minutes from Oct. 29 interest rate announcement
• Today’s Data: Construction investment for September, U.S. housing starts and building permits for October
• Earnings: Nvidia Corp., Lowe’s Co. Inc., Target Corp., Metro Inc.

• ‘Shine light on dirt’ — Zekelman’s Buy Canadian steel snitch line pays out $10K so far
• Scotiabank moves chief risk officer into new role as it shuffles executive deck
• Ottawa urged to pause its EV sales mandate until auto sector emerges from turmoil
• Can you make a living selling vintage clothing on Poshmark? This millennial Canadian has found a way
• Canada’s oilsands make their comeback as U.S. shale plateaus

Read more here. In the wake of the sudden demise of the short-term rental company Sonder Holdings Inc., where guests were abruptly stranded without accommodations, Financial Post columnist Garry Marr looks at the pitfalls of short-term rentals. The fiasco, he writes, was a stark reminder that the flexible world of alternative accommodations comes with significantly less stability than the hotel industry it aims to disrupt.

McLister on mortgages

Read more here. Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his

Financial Post on YouTube

mortgage rate page for Canada’s lowest national mortgage rates, updated daily. Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at 

• What to do with TFSAs, RRSPs and assets when divorce hits
• Spooked by financial fears like outliving your money?

posthaste@postmedia.com . Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here