Canadians optimistic about finances

By The IJ Staff | November 08 2019 09:27AM

Photo: Freepik

The majority of Canadians remain optimistic when it comes to tackling their finances despite overall debt increasing, says a Credit Canada and Capital One Canada survey released this week.

The survey says though six in ten Canadians are earning the same, or less, as they did the year before, forty-eight per cent are spending more. A third of respondents have increased their debt, a rate which rises to 44 per cent among millennials. However, 57 per cent say they are meeting their debt-reduction goals, and 56 per cent say they have “money vision” for their finances this year.

The survey says over six in ten (63 per cent) of Canadians are currently carrying debt. Among those whose debt increased last year, one third saw their debt increase by more than 20 per cent, and 8 per cent of respondent’s debt increased by 50 per cent.

Most expect to get out of debt

Eighty-three per cent of Canadians say they believe they have the tools, knowledge and resources to get out of debt, and 44 per cent expect to get out of debt in a year of two. However, over half (52 per cent) say their financial realities have not improved year over year.

“Most Canadians who manage their debts well have learned through past experience,” said Laurie Campbell, CEO of Credit Canada. "However, there seems to be shame associated with the failures that made us wiser with money. Addressing our social culture and having more conversations around money and credit in our communities can help us tackle the debt problem together."

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