Deep in debt - MoneySense

Deep in debt

The average Canadian is carrying around a five-figure debt load.

  • The average Canadian had $27,131 of consumer debt in the second quarter, up $910 from the same time last year, TransUnion said Wednesday. The number is as high as $37,879 in B.C. Here’s the really troubling part, the five-figure number doesn’t include mortgage debt. Residents in Quebec have the lowest average consumer debt load at $18,580.
  • A new report by BMO suggests the majority of Canadian Boomers are unprepared financially for retirement. Baby boomers survey by the bank said they’ll likely need $658,000 for retirement but they’ve only saved $228,000 so far, leaving them $430,000 short of their goal. As a result, most Boomers don’t expect to retire until the age of 63 and 71% plan to take on a part-time job. Some 44% will have to sell off personal items to bridge the gap.