More than one-third of young adults said that they missed a bill payment this year, according to a new Equifax Canada poll
Younger Canadians tend to be more worried about their personal debt levels amid progressively higher costs, according to a recent Equifax Canada poll.
Approximately 52% of respondents in the 18-34 age range reported anxiety about their personal debt levels, a markedly higher share than the overall average of 39% of other respondents, Equifax said.
More than one-third (36%) of young adults said that they missed a bill payment this year, versus 23% of all other respondents.
“Canadian consumers are concerned about their ability to pay their bills on time, manage their debt, and protect their personal financial data,” Equifax said. “Nearly half of those surveyed indicated that they have never received financial education.”
While 45% of respondents are worried about paying off debt such as mortgages and student loans, only 18% have sought professional advice or counselling for debt management. Younger adults were also more likely (42%) to get their financial knowledge via social media compered to all other demographics (22%).
“Financial education is an essential building block towards financial resilience to help people make informed financial decisions and protect their well-being,” said Julie Kuzmic, senior compliance officer for consumer advocacy at Equifax Canada. “We need to talk about money more to empower Canadians of all ages and backgrounds to build financial resilience.”
The Office of the Superintendent of Financial Institutions (OSFI), has decided not to tighten regulatory limits on debt-service coverage.
— Canadian Mortgage Professional Magazine (@CMPmagazine) October 17, 2023
Read more: https://t.co/pngH6ivBl6#mortgageindustry #financialregulation #mortgage
Data security should be more of a priority
An estimated 32% of respondents said that they never check their credit reports, a mechanism that Equifax Canada described as an effective way to spot the tell-tale signs of identity theft.
“Among younger adults (aged 18-34), 32% believe they are unlikely to become victims of identity theft, compared to 19% of all respondents,” Equifax said.
“Additionally, younger adults surveyed stated that they are less likely to use up-to-date anti-virus protection for their computers (61% versus 72% of the general population).”
