SURVEY: FINANCIAL WELLNESS CRISIS ACROSS ALL AGE GROUPS

Nov 22, 2019

By Bob Komsic

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Virtually all Canadians (94%) surveyed agree the average household is in too much debt.
That according to the latest findings from the Manulife Bank Debt Survey.
”There is a financial wellness crisis, and it’s affecting Canadians of all demographics,” states Manulife Bank President Rick Lunny.
Two-in-five do not expect to ever escape debt in their lifetimes while more than half (55%) surveyed report having considerable non-mortgage related debts.
Baby Boomers are in better financial shape their Generation Xers and Millennials.
Three-in-five Boomers say they’re better off financially than their parents were at the same age compared to just under half (49%) for Generation X and Millennials.
Generation Xers are the most skeptical about ever being debt-free.
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