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Twenty percent of Canadians do not expect to escape debt in their lifetime, according to Global News. Based on a study by The Manulife Bank of Canada, Canadians believe that household debt has increased too much.
More worryingly, however, 67 percent of those in debt believe that the rest of the country is in serious debt, too. This study has also revealed that Canadians are terrible at spending: 45 percent of Canadians say that their spending is increasing faster than their income, which is an increase from 33 percent who said this in the spring.
The study also reported that more than 50 percent of Canadians carry considerable non-mortgage debt, and 60% are in credit card debt. As a result of all this, many Canadians may be in debt for some time.
This study was carried out after the financial firm, Equifax, became concerned with the debt of ordinary Canadians. Since 2014, Canadian debt has surged from $57,000 to $71,979.
Over recent decades, Canadian have become increasingly financially insecure. This sentiment has transitioned into a cynicism for our financial system. Most zoomers (generation z) believe that they will never get onto the property ladder or become debt-free.
In the summer of this year, a study showed that half of the Canadian population was only $200 away from financial disaster.