Debt Truth Revealed
The latest Manulife Bank Homeowner Debt Survey has uncovered the truth: Many Canadian homeowners, particularly Millennials, lack the financial flexibility to adjust to rising interest rates, unforeseen expenses or interruption in their income.
- 25% of Millennials have no emergency savings
- One in four homeowners were “caught short” at least once in the past year, with insufficient money on hand to manage daily expenses
- Almost half of Millennials received help from family members with their first home purchase
About Manulife Bank's Debt Research
Manulife Bank believes many Canadians 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 2,098 Canadian homeowners in all provinces between ages 20 and 59 with household income of more than $50,0000. The survey was conducted online by Nielsen between February 1st and 14th, 2017. National results were weighted by province, income and age.