As many as seventy-five percent of Canadians recently polled say they are in debt and owe an average amount of nearly $16,000. The average personal debt load, which doesn’t include a mortgage, jumped by $2,779 to $15,920 this year compared with last year, says RBC’s annual debt poll released in late October.
Young people between the ages of 18 and 34 who were surveyed were quite worried about how much money they owed, but that could also because they’re not earning as much money as someone older, and may have student debt and other expenses.
Those over 55 seemed to be the most comfortable with their debt because many said they had savings and were at ease with their plan to pay it off, she added.
Albertans experienced the biggest jump in their personal debt load, with the average amount owing coming in at more than $24,000 — up from $14,881 in 2012. That’s an increase of over 60%! Sure, the Alberta economy continues to chug along but really? I’ve always considered prudence the better part of solvency, apparently not (for now).
Quebecers surveyed saw the smallest increase in their personal debt this year — up only $287 — to $10,458.
The survey found that 24 per cent of Canadians surveyed indicated they were debt-free, down from 26 per cent in 2012.
Canadians were also basically split about their attitudes toward debt, with 38 per cent being very anxious about it, up from 34 per cent in 2012. The same number of Canadians surveyed — 38 per cent — were also comfortable with their personal debt.