A new survey finds that the overwhelming majority of Canadians say that the average household carries too much debit, while two-in-five do not expect to escape debt in their lifetime.
According to the Manulife Debt Survey, a whopping 94 per cent of Canadians say the average household is in too much debt. What鈥檚 more, 45 per cent now report that their spending is increasing faster than their income. That鈥檚 up from 33 per cent in the spring.
The study also found that non-mortgage related debt is climbing, with 60 per cent reporting debt on credit cards that carry a balance, which represents a 12 percentage point increase over what was observed in the spring.
鈥淭here is a financial wellness crisis, and it鈥檚 affecting Canadians of all demographics,鈥� said听Rick Lunny, president and CEO of Manulife Bank. 鈥淭he good news is that there are intuitive, helpful tools out there to make people鈥檚 financial decisions easier and lives better.鈥�
Baby boomer Canadians are in better financial shape than millennials and gen-Xers, with three-in-five reporting that they are better off than their parents were at their age. In contrast, under half of gen-Xers and millennials feel the same way.
Millennials reported feeling more optimistic than gen-Xers about their spending.
The Manulife Bank of听Canada听poll surveyed 2,001 Canadians in all provinces between ages 20 and 69 with a household income of more than听$40,000. The survey was conducted online by Ipsos between听Sept. 20 to Sept. 26. National results were weighted by gender, age, region and education.
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