Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Canadians naive about how long they’ll be in debt

chemgear · 08-29-2011, 10:02 AM

Not really surprising I guess. But it is nice they finally compare the survey results to their actual financial situations.

You always see articles about how Canadians "are responsible" because X% intend to put a lump sum against their mortgage debt this year. Heck, I also intend to win the lottery this year!

http://www.financialpost.com/persona...061/story.html

The survey showed that people tended to predict they would have all their debt paid off 10 to 15 years from now.

For example, those 18 to 24 picked 32 as the average age for being debt-free, those 25 to 34 said 44, people 35 to 44 said 54, 45- to 55-year-olds said 60, and 55- to 64-year-olds said 65.

Most age groups’ expectations for being debt-free appeared to be unrealistic, given the corresponding data on indebtedness. For example, while those age 25 to 34 picked 44 as when they would be without debt, only 18% of people 45 to 54 in the survey were found to be debt-free.

08-29-2011, 10:02 AM	#1
chemgear Franchise Player Join Date: Feb 2010 Exp:	Canadians naive about how long they’ll be in debt Not really surprising I guess. But it is nice they finally compare the survey results to their actual financial situations. You always see articles about how Canadians "are responsible" because X% intend to put a lump sum against their mortgage debt this year. Heck, I also intend to win the lottery this year! http://www.financialpost.com/persona...061/story.html The survey showed that people tended to predict they would have all their debt paid off 10 to 15 years from now. For example, those 18 to 24 picked 32 as the average age for being debt-free, those 25 to 34 said 44, people 35 to 44 said 54, 45- to 55-year-olds said 60, and 55- to 64-year-olds said 65. Most age groups’ expectations for being debt-free appeared to be unrealistic, given the corresponding data on indebtedness. For example, while those age 25 to 34 picked 44 as when they would be without debt, only 18% of people 45 to 54 in the survey were found to be debt-free.