New research from Ipsos suggests that a sufficient and notable number of Canadians are carrying non-mortgage related debts and they’re stressing about the situation – so many that at least a few are likely to be found in your own client roster.
The survey of 2,000 Canadians found that 46 per cent of Canadians are carrying at least some form on non-mortgage related debt. Of those who admit this, 48 per cent say trying to pay off their debts is stressful.
According to the survey results, 57 per cent of those with non-mortgage debt have needed to carry over balances on a credit card at some point in the last two years, while 37 per cent said they needed to borrow to cover day-to-day expenses during the same period. “As many as one third (33 per cent) of those that have non-mortgage related debt say they aren’t confident they have sufficient knowledge and skills, as it related to understanding the impact of fluctuating interest rates on their debt,” Ipsos writes.
The survey further found a disconnect between perceived knowledge and actions among survey respondents. Nearly half – 47 per cent said they had strong personal financial skills, but half of that group remained concerned about money and 27 per cent agreed that they continue to buy things they can’t afford.