At the same time, our assessment of the risks related to household balance sheets is that they have increased further. As noted in the FSR, the vulnerability of Canadian households to adverse wealth and income shocks has grown in recent years. Aggregate debt levels have risen sharply relative to income.
Younger, lower income, renters, and single parents – over 90% of whom are women – all rely heavily on pandemic income supports.16 [Slide 7] And debt supports have also have helped to keep debt repayments at sustainable levels.17 [Slide 8]  As I have outlined, while the effects on employment have been uneven, the State supports have meant that the effect on incomes has been considerably moderated.