Toronto, Ontario, Canada (AHN) – The average Canadian pinpoints 55 as they age they would likely be free from debt, according to a Canadian Imperial Bank of Commerce survey released on Monday.
The poll, conducted by Harris/Decima, surveyed Canadians between the ages 18 and 64. It found that only 35 percent of those in the age group 55 to 64 had no debt.
On the average, the respondents see themselves paying off their debts within 10 to 15 years.
Thus, those in the age group 18 to 24 said they would likely be free from debt by 32, while those in the 24-34 group placed it at 44, those in the 45 to 55 group pointed at 60 and those in the 55 to 64 bracket said 65.
However, the study pointed out that most of their expectations of being debt free are unrealistic given their current level of indebtedness.
Christina Kramer, CIBC executive vice president of retail distribution, said that more than a planned timetable to get out of debt, Canadians must also make a realistic strategy that would include extra payments allocated for their debt and to minimize interest cost.
Among the 2,000 respondent, 10 percent said they would never be debt free and 8 percent forecast being in debt until they reach their 70s.
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