According to an article in The Financial Post, BMO released the results of a Leger Marketing poll, and 54 per cent of Canadians said they expect to be debt free by 2017. What’s more? Being “debt free” includes paying off their mortgages.
Currently, the average debt of Canadians is $112,329.
According to the article, men are more more likely than women to have a large debt. 30 per cent of men said they owed more than $100,000. Whereas, only 22 per cent of women had debt of over $100,000. 35-44 year olds are the most weighed down by debt, with 43 per cent reporting that they owe more than $100,000.
However, not everyone is buckling under money pressures. The survey reports that 25 per cent of Canadians aren’t in debt.
Su McVey, vice-president of BMO Bank of Montreal said that “while debt is a part of life for the majority of Canadians, it doesn’t have to be a permanent fixture.”