June 12th, 2024

Young Canadians more anxious about debt, more likely to miss a bill payment: Equifax

By The Canadian Press on October 30, 2023.

Equifax Canada says young Canadians are more anxious about their personal debt and more likely to have missed a bill payment this year. Credit cards shown on Thursday, Oct. 6, 2022. THE CANADIAN PRESS/Andrew Vaughan

TORONTO – Equifax Canada says young Canadians are more anxious about their personal debt and more likely to have missed a bill payment this year.

In a survey conducted in September, the agency says 36 per cent of younger adults reported having missed a bill payment this year, compared with 23 per cent overall.

Meanwhile, 52 per cent of those surveyed between the ages of 18 and 34 are anxious about their personal debt, compared with 39 per cent overall.

Equifax Canada says housing is a top concern for Canadians, with three in 10 respondents saying they’ve had to seek additional income in order to cover higher mortgage or rent payments.

Almost 20 per cent said they’re in a precarious financial situation and may need to move due to affordability issues.

The survey found younger Canadians are more likely to look into second or third jobs or “ňúside hustles’ in order to meet their financial obligations.

This report by The Canadian Press was first published Oct. 30, 2023.

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