Surveying Canadians About Debt

Debt is on Canadian’s minds according to a survey conducted by Manulife which, rather alarmingly, is called “Is Household Debt Cracking Canada’s Financial Foundation?” The survey claims two in five of their respondents are worried they will not get out of debt in their lifetime.

However, it goes on to stipulate that most Canadians are comfortable with their mortgage obligations; 73 per cent stating they feel “somewhat or very” comfortable with the amount they owe on their mortgage, and 22 per cent saying they feel “very” comfortable.

How many Canadians currently have a mortgage? 42 per cent own a house or condo and are paying a mortgage. Breaking it down by demographic, 58 per cent of the Gen-Xers, 46 per cent of the Millennials and 30 per cent of the Boomers. They lower number of Boomers with a mortgage is partly because more of them managed to pay it off.