An overwhelming 89% of respondents to a new survey agree that going into debt when you don’t have to is “stupid” despite three quarters carrying a debt burden.
The poll by the Angus Reid Institute found that 4 in 10 Canadians are being put under considerable financial stress by their debts, which have led to 18% delaying buying a home.
Debts also mean delays in getting married (8% of respondents), having children (7%), or moving out of their parents’ home (5%). A third are also delaying saving for their retirement.
On a positive note, most of those with debt are managing.
Despite owing an average $1.78 for each disposable dollar, just 16% say their debts are difficult to manage while 39% says it’s manageable but significant. 22% said their debt is easy to manage and 24% have no debt.
Stressed about money
Just 32% of respondents to the poll, conducted in association with the Globe and Mail, said that they are never really stressed about money including 28% of adults under 34, 25% of 35-54 year olds, and 42% of over 55s.
More than half are concerned about finding or keeping a good job with younger respondents more likely to say so.
Credit card debt is carried by 59% of respondents, with 39% having mortgages, 36% having other loans or lines of credit, 31% car loans, and 16% student loans.
