House-rich, but savings-poor homeowners may face difficult decisions at retirement
Faced with rising housing costs, homeowners struggle to balance saving, debt repayment and daily expenses.
Many may arrive at retirement house-rich, but savings-poor, which could require them to make difficult decisions:
- retire later than planned
- accept a lower standard of living
- downsize their home
- borrow against home equity
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About Manulife Bank's Debt Research
Manulife Bank believes that many people could save money, become debt-free sooner and achieve more of their financial goals by managing debt more effectively.
Effective debt management is a key contributor to financial health. By conducting surveys and research into debt management, we’d like to:
- Inform and encourage public discussion of consumer debt in a way that helps people understand the role that debt plays in their financial health.
- Educate Canadian consumers on effective debt management by providing information and insights.
- Encourage Canadians to discuss debt management with their families and financial advisors, and look for ways to manage their debt more effectively.
The Manulife Bank of Canada poll surveyed 2,373 Canadian homeowners in all provinces between the ages of 20 and 59 with household income of more than $50,000. The survey was conducted online by Research House between February 3 and February 20, 2016. National results were weighted by province, income and age.