It’s no surprise, but new numbers show Canadians carrying debt are still facing struggles.
One of the big regrets people have is taking on so much student debt, which Business Development Bank of Canada Senior VP Craig Fryzuk says impacts three quarters of Canadians aged 21 to 39.
“Many of them wish they lived more frugally or had a budget while in school. 28 per cent of these people studied regretted not working more hours at a side job,” said Fryzuk. “And what we found was that they need an additional five to almost six years to become debt free.”
The average debt load at graduation for Alberta is about $23,000, right in the middle of the nationwide average.
“Atlantic Canada was the highest, and Quebec having the lowest average debt at graduation. And of that, about $19,500 is still being carried as student debt, and that’s after graduation.”
It’s affecting peoples lives, the study also revealed that because of debt, nearly 25 per cent of Albertans say they’ve delayed getting married, and 21 per cent say they’ve delayed having children.
The best thing to help is establishing a budget.
“There’s lots of tools online that really just teach you how to budget, and we walk people through the basics all the time just to get them started,” said Fryzuk