In a Nov. 22, 2019 story, a Manulife Bank of Canada debt survey showed 40 per cent of indebted Canadians don’t expect to escape debt during their life. (File photo by THE CANADIAN PRESS)

Two in five indebted Canadians don’t ever expect to escape debt, says survey

TORONTO — A new survey says 40 per cent of indebted Canadians don’t expect to escape debt in their lifetimes.

The Manulife Bank of Canada debt survey also found that 94 per cent of respondents agreed that the average household has too much debt while 67 per cent of those in debt assumed everyone else was as well.

While 45 per cent of Canadians said their spending is increasing faster than their income, up from 33 per cent who said so in the spring. Just 12 per cent of those asked said their income is growing faster than their spending.

More than half (55 per cent) of Canadians reported considerable non-mortgage debt, up nine percentage points from a spring survey. Sixty per cent say they have credit cards carrying a balance, up from 48 per cent in the spring.

The online survey was conducted amid growing concerns about the country’s high level of consumer indebtedness as total debt per consumer surged to $71,979 in the second quarter, up from about $57,000 five years earlier.

The poll, conducted between Sept. 20 and 26, surveyed 2,001 Canadians in all provinces aged 20 to 69 with household income of more than $40,000. Internet-based surveys cannot be assigned a margin of error because online polls are not considered random samples.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Red Deer RCMP looking for missing 15-year-old teen

Red Deer RCMP are asking for the public’s assistance to locate a… Continue reading

Stettler RCMP seek third suspect in residential break-in

Stettler RCMP took two women into custody following an early morning break… Continue reading

Harvey Weinstein found guilty in landmark #MeToo moment

NEW YORK — Harvey Weinstein was convicted Monday of rape and sexual… Continue reading

Drugs seized from Innisfail home

Innisfail RCMP conduct search warrant

Your community calendar

Feb. 19 A Liberation of Holland event is being held at the… Continue reading

Raptors Uprising GC offer second chance to gamer suspended for 2019 season

TORONTO — Raptors Uprising GC, the gaming arm of the Raptors, has… Continue reading

Manitoba’s Kerri Einarson wins Canadian women’s curling championship

MOOSE JAW, Sask. — A dream team of former skips came together… Continue reading

Weinstein jury back to work with signs of split over charges

NEW YORK — Jurors at Harvey Weinstein’s New York City rape trial… Continue reading

Jane Goodall’s ‘The Book of Hope’ coming out in 2021

NEW YORK — Jane Goodall’s next book will be a tribute to… Continue reading

Sylvan Lake Wranglers comeback to nab OT win in Game 2 over Red Deer Vipers

The Sylvan Lake Wranglers have a knack for the dramatics early in… Continue reading

Wranglers win wild Game 1 double OT thriller over Red Deer Vipers

The best-of-seven series continues Sunday in Sylvan Lake

Kings and Queens basketball triumph over Ambrose, keep playoff hopes alive

Guard Sandra Garica-Bernal sets new Queens all-time steals mark

Most Read