Two in five Canadians believe they will never be debt-free

35
71
Two in five Canadians believe they will never be debt-free

Two in five indebted Canadians don’t expect to escape debt in their lifetimes, says a new survey.

The Manulife Bank of Canada debt survey released Friday also found that 94 per cent of respondents agree that the average household has too much debt while 67 per cent of those in debt assume everyone else is as well.

The spending-to-income ratio is trending negatively as 45 per cent of Canadians said their spending is increasing faster than their income. That’s up from 33 per cent who said so in the spring. Just 12 per cent of respondents noted that their income is growing faster than their spending.

“There is a financial wellness crisis, and it’s affecting Canadians of all demographics,” said Rick Lunny, president and CEO of Manulife Bank.


Tweet This

More than half (55 per cent) of Canadians reported considerable non-mortgage debt, up nine percentage points from a spring survey. Sixty per cent say they have credit cards carrying a balance, up from 48 per cent in the spring.

Story continues below advertisement

READ MORE: By the numbers — How to reduce your debt when you can’t repay

The online survey was conducted amid growing concerns about the country’s high level of consumer indebtedness as total debt per consumer surged to $71,979 in the second quarter, up from about $57,000 five years earlier, according to credit monitoring service Equifax.

Baby boomers appear to be in better financial shape than their younger generation X and millennial counterparts. Sixty per cent of baby boomers surveyed said they are better off financially than their parents were at the same age, compared with just under half (49 per cent) for generation X and millennials.

READ MORE: Boomers, gen-X, millennials — How living costs compare then and now

Generation X, which believes it has the most debt, saves the least of its after-tax income and is most likely to report that spending is outpacing income. It is also the most skeptical about ever being debt-free in its lifetime, according to the survey.

Millennials are also struggling but are more likely to indicate that their income is increasing faster than spending. Technology is also helping them more than for older cohorts who said it has helped them to manage their debts, compared with just one in three generation X and baby boomers.

Story continues below advertisement

The online poll, conducted Sept. 20-26, surveyed 2,001 Canadians in all provinces aged 20 to 69 with household income of more than $40,000. Internet-based surveys cannot be assigned a margin of error because online polls are not considered random samples.

© 2019 The Canadian Press

35 COMMENTS

  1. I just want to say I am just beginner to blogs and definitely loved this web blog. Likely I’m going to bookmark your blog . You surely have tremendous writings. Cheers for revealing your web page.

  2. hello there and thank you for your information – I have certainly picked up something new from right here. I did however expertise some technical issues using this site, as I experienced to reload the website many times previous to I could get it to load properly. I had been wondering if your web host is OK? Not that I am complaining, but sluggish loading instances times will very frequently affect your placement in google and could damage your high-quality score if advertising and marketing with Adwords. Well I am adding this RSS to my email and can look out for a lot more of your respective interesting content. Make sure you update this again very soon..

  3. Today, I went to the beach front with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!

  4. Faytech North America is a touch screen Manufacturer of both monitors and pcs. They specialize in the design, development, manufacturing and marketing of Capacitive touch screen, Resistive touch screen, Industrial touch screen, IP65 touch screen, touchscreen monitors and integrated touchscreen PCs. Contact them at http://www.faytech.us, 121 Varick Street, New York, NY 10013, +1 646 205 3214

  5. My spouse and i were absolutely lucky Raymond could carry out his researching because of the precious recommendations he had using your web site. It’s not at all simplistic to simply be giving away secrets which usually some others have been selling. We take into account we have got the writer to give thanks to because of that. Those illustrations you’ve made, the easy web site navigation, the relationships you can help engender – it is all astounding, and it’s aiding our son and the family reckon that this concept is excellent, which is truly important. Many thanks for all!

  6. Hi there very nice site!! Man .. Beautiful .. Superb .. I’ll bookmark your site and take the feeds additionally¡KI’m happy to search out numerous useful info right here within the submit, we want develop more techniques on this regard, thanks for sharing. . . . . .

  7. Hey There. I found your blog using msn. This is a very well written article. I will be sure to bookmark it and come back to read more of your useful information. Thanks for the post. I’ll definitely comeback.

  8. Very interesting subject , appreciate it for putting up. “If you have both feet planted on level ground, then the university has failed you.” by Robert F. Goheen.

  9. I don’t even know how I ended up here, but I thought this post was great. I do not know who you are but certainly you’re going to a famous blogger if you are not already 😉 Cheers!

  10. Hiya, I am really glad I have found this info. Today bloggers publish just about gossips and net and this is actually frustrating. A good blog with interesting content, this is what I need. Thanks for keeping this site, I will be visiting it. Do you do newsletters? Cant find it.

  11. Generally I do not read article on blogs, but I wish to say that this write-up very pressured me to check out and do it! Your writing taste has been amazed me. Thank you, very nice article.

  12. hi!,I like your writing very much! share we keep up a correspondence extra about your article on AOL? I need an expert in this area to solve my problem. Maybe that is you! Having a look ahead to see you.

  13. Thanks for expressing your ideas here. The other point is that any time a problem occurs with a laptop motherboard, persons should not go ahead and take risk with repairing it themselves because if it is not done correctly it can lead to permanent damage to an entire laptop. Most commonly it is safe just to approach your dealer of the laptop with the repair of the motherboard. They’ve got technicians who definitely have an expertise in dealing with mobile computer motherboard problems and can have the right prognosis and execute repairs.

  14. I think this is among the most significant info for me. And i am glad reading your article. But wanna remark on some general things, The site style is perfect, the articles is really nice : D. Good job, cheers

  15. Fantastic goods from you, man. I’ve understand your stuff previous to and you’re just too fantastic. I really like what you have acquired here, really like what you’re saying and the way in which you say it. You make it entertaining and you still care for to keep it wise. I can’t wait to read much more from you. This is really a tremendous website.

  16. Hello there, I discovered your site by the use of Google at the same time as looking for a similar matter, your site got here up, it seems great. I have bookmarked it in my google bookmarks.

  17. I actually wanted to compose a brief message in order to express gratitude to you for these amazing items you are writing on this website. My rather long internet look up has at the end been recognized with extremely good concept to share with my contacts. I would assert that most of us site visitors are rather lucky to be in a useful network with many wonderful professionals with good tricks. I feel quite happy to have encountered the website and look forward to really more brilliant moments reading here. Thanks a lot once more for everything.

  18. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several e-mails with the same comment. Is there any way you can remove people from that service? Thanks a lot!

  19. One thing is one of the most prevalent incentives for applying your credit card is a cash-back and also rebate provision. Generally, you’ll have access to 1-5% back for various buying. Depending on the credit cards, you may get 1% again on most expenditures, and 5% in return on acquisitions made using convenience stores, filling stations, grocery stores plus ‘member merchants’.

  20. After research just a few of the weblog posts on your website now, and I truly like your manner of blogging. I bookmarked it to my bookmark website listing and will probably be checking again soon. Pls try my web site as effectively and let me know what you think.

  21. I like the helpful information you provide for your articles. I will bookmark your blog and test once more right here frequently. I am rather sure I will be told plenty of new stuff right here! Best of luck for the next!

LEAVE A REPLY

Please enter your comment!
Please enter your name here