Canadians continue to miss easy-to-implement opportunities to reduce their personal debt faster
Waterloo - Manulife Bank of Canada’s most recent consumer debt survey found that, despite a record number of Canadian homeowners putting a high priority on becoming debt-free (77%), many Canadians continue to miss a variety of easy-to-implement opportunities to pay down their debts faster. These missed opportunities have led, in part, to more than six in 10 (61%) Canadians struggling to reduce their debt over the past year -- either increasing their debt (25%), seeing no change in their debt (15%), or reducing their debt, but by less than they expected (21%).
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Manulife Bank Consumer Debt Survey
Debt Research
Manulife Bank believes that, by managing debt more effectively, many people could save money, become debt-free sooner and achieve more of their financial goals.
Effective debt management is a key contributor to financial health and, by conducting surveys and research into debt management, we’d like to:
- Inform and encourage a 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.