Quote:
Originally Posted by Red
But they have a lot more debt (student, consumer and mortgage) and have less employer funded pensions.
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This is true (especially the lack of pensions), but it's not as simple as looking at raw debt numbers. Take a look at the below chart from the Bank of Canada:
As you can see, the most-indebted group is Canadians aged 31-35 who owe on average $120k (the vast majority of which is their mortgages). However, we must also remember that they still have ~35 working years to pay off that debt, so they owe about $3.5k per remaining working year. The most alarming thing about that chart to me is the age 61-65 group. That demographic has, on average, $40k in household debt but are imminently approaching retirement age. The age 56-60 group isn't faring much better.