Household credit market debt as a proportion of household disposable income increased to 171.1%, up from 170.1% in Q2
Although housing is driving growth in the median net worth of Canadian families, it’s also driving a significant rise in household debt levels
Better saving habits are critical to ensuring that many Canadians can retire and withstand personal emergencies
A desire to help children and grandchildren - combined with the availability of credit - is encouraging many elderly clients to carry debt into retirement
Canadian debt levels are the highest they’ve ever been and high housing prices have been a driving factor
Study finds young adults are more likely to start investing than older non-investors
The increase came as household income increased 1.2% while household credit market debt rose 1.9%.
Increased payments on mortgages and other debts could hit the economy as people have less disposable income to spend elsewhere
The results underscore the need for spending less and saving more every day, for emergencies and for retirement
However, the delinquency rate for non-mortgage consumer debt fell during the quarter