Press release: According to the latest Current State of Canadian Family Finances, families are now "cash-strapped". If you take out inflation, the typical worker now earns only 10 cents more per hour than they did in 1991. In addition, the time worked per week declined by about an hour and a half over the period. The result was predictable. On average, families have seen their incomes stagnate at about $55,500 during the first half of the decade. For the first time since the depression, households now have negative annual savings and they continue to build up larger and larger debt-loads. For many, this is not a pretty picture. More families are now "cash-strapped" and are struggling to make ends meet. Many can't keep up and bankruptcies have risen to record levels. The situation will not get better in the near future, as interest rates continue to rise. The report suggests that many households are now house rich but cash-poor. Several other key findings are included in the latest Vanier Institute of the Family report: - Over one-quarter of wives with children now earn more than their husbands. - Poverty has been virtually eliminated (1.7%) among married seniors. - Most of the household asset growth has come from rising house prices and stock market gains. - A special section on the "middle class" family found that this family is now contributing (income taxes less government transfers) about $1,500 on a net basis to other income groups. This is down sharply from a net contribution of $4,500 in 1990. About seven-out-of-ten middle-class households are homeowners with over half of these homeowners still carrying a mortgage.