Let’s have a look at debt in Canada.
How much do people owe on average? How does it break down by age group?
Almost all of us have it, and most of us are worried about it. How does your debt compares with the rest of Canada and Saskatchewan?
What Canadians owe
Let’s start with the big picture. On average, Canadians carry about $22,000 in non-mortgage debt.
That’s everything like credit cards, lines of credit, loans, car payments, and student loans. Now the bad news – that number spikes to nearly $24,500 in Saskatchewan. That’s like an entire part-time job’s yearly income worth of debt.
To put it another way, according to Statistics Canada, many Canadians owe $1.74 for every $1.00 of disposable income they have.
Canadians have a lot of debt.
Gen X are the most in debt
Good news for Millennials though, it’s Gen X that’s bearing the biggest debt load right now! People aged 35-54 on average have more than $10,000 of consumer debt alone, while those aged 18-34 have way less at about $5,600. People aged 55+ are sitting in the middle with an average consumer debt of around $9,000. And this is all just consumer debt, or the debt that comes from buying stuff, not investing in anything like a home or your education.
One of the major factors in Canadian’s debt is probably pretty familiar to you – income is staying the same or even going down, while costs of just about everything keep rising.
Whether your debt is at, above, or even below some of these averages, the real takeaway here is that struggling to stay in the black is a Canadian experience. The first step in tackling your debt should be to talk about it. In fact, one of the main reasons that it’s believed Millennial consumer debt is as low as it is right now, is that that generation has been taught to be more debt averse than others to the point that many are delaying or even rejecting home ownership.
Keep an eye out for our upcoming blogs about the real cost of a credit card balance and our top tips for paying off debt.
So, how did you stack up? Does your debt load make you feel stressed, or are you feeling a little better knowing that so many other Canadians are struggling with debt too? Let’s talk about it in the comments.
When I’m not trying to kick start my musical career, I spend time coaching basketball, helping with my local youth group, and dabble in entrepreneurship. I grew up in the city of Moose Jaw, but love living in beautiful Lumsden, SK. As a valley dweller, I have the best of both worlds, 30 minutes from the lake, and 30 minutes from Starbucks…(Full Bio in “Meet The Authors”)
(To read other blogs by me CLICK my name.)