Two in 10 Canadians who are married or living together confess their significant other does not know how much debt they are in, according to a new survey. The public opinion poll commissioned by Manulife Bank found that 12 per cent of Canadians with debt hid a large purchase from their loved one.
The problem of debt weighs heavy on many Canadians. Four in ten say their level of debt is negatively affecting their mental health. Half of those in debt are stressed about it and worrying about it keeps one in three awake at night.
One in three indebted Canadians are so stressed about it they have trouble sleeping. (iStock)
Debt affects retirement plans
The bank says that besides affecting people’s relationships and mental health, debt affects the ability to save for retirement for about half of those in debt. And over half say they would struggle to handle unexpected expenses.
Excluding the mortgage debt on their houses, the average debt held by all Canadians was $22,837 in the last quarter of 2017, according to the consumer credit reporting agency, Equifax. The average mortgage debt was just under $200,000. The average salary for Canadian employees is just under $50,000 a year.
The bank notes that not all Canadians are talking to financial advisors or “are aware of all the financial tools available in helping manage their money.” Those are products and services the bank offers and markets.
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