Tuesday, August 30, 2011

Canadians deluded about becoming debt-free (as are most citizens in the Western world)

If experience is any indication, many Canadians could find themselves in debt years longer than they originally expected, according to a new poll.

The poll, conducted for CIBC by Harris-Decima, reveals that, on average, Canadians holding some form of debt today feel they will be debt-free by age 55.

But the poll also found that only about 35 per cent of Canadians currently in the 55- to 64-age group — or just over a third — are actually debt-free.

The findings appeared to hold true for all age groups polled.

For example, Canadians 25 to 34 on average told the pollsters they expected to be debt-free by age 44. However, the poll found that only 18 per cent of those now in the 45-to-54 age group were, in fact, debt-free. more