Working Canadians dealing with high levels of debt and retirement delays

Working Canadians dealing with high levels of debt and retirement delays
We continue with some more information from the latest survey of the Canadian Payroll Association.  On our last blog, we showed how the survey showed a clear picture of how many Albertans are living:  living paycheque to paycheque, living with high levels of spending and low rates of savings.

Another aspect of this 2017 survey shows the high debt levels and the retirement delays experienced not only by Albertans but by many working Canadians. 

In the survey, 35% of working Canadians and 40% of Albertans feel overwhelmed by their level of debt.  In addition to this, 31% of the respondents nationally and 35% of Albertans say that their debt has increased over the year.  42% of the respondents nationally says that it will take more than 10 years for them to pay down their debt and 12% believe they will never be debt free. 

The survey says that 94% of Canadians carry debt.  The most common debt that Canadians have are the following: mortgages at 28%, credit cards at 17%, car loans at 18% and lines of credit at 17%.  

Results of the survey say that the primary reason for increased debt is higher overall spending and the major reasons for increased spending are higher living expenses (32%) and unexpected expenses (25%). 

As for retirement, the survey says that nearly half of working Canadians (46%) will now have to work longer than they planned five years ago. 

Although 61% of Albertans remain optimistic with regards to the economy and are hopeful that the local economy will improve, Albertans need more than optimism to be able to get out of the financial sinkhole they are in.  Albertans need more financial education – knowledge that they will be able to apply to their financial situation to make it better. 

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Most Canadian Households Saving for Retirement
Many Albertans Living Paycheque to Paycheque

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