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The milléniaux Canadians in debt of $27,000

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July 18, 2017 11:30

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The debt milléniaux Canadians amounted to about $ 27,000 on average, says a new report from BMO wealth Management. The study, conducted in 2015, also reveals that 29% of Canadians from generation Y consider the repayment of their debt as the main financial issue, while 23 % say it is their concern financial absolute.

«Given the fact that compared to previous generations, two times more students of the millennial generation attending post-secondary education, they focus on higher education, arguing that it is the best way to improve their chances in a difficult job market and competitive,» says Chris Buttigieg, director-general, Institute Info-Patrimoine, BMO wealth Management. However, the decision to continue education is often at the cost of extra debt, which makes this a difficult decision. «

Pay debts first, save, then

While one respondent in five (19 %) prefers to repay its debts before starting to save for retirement, 41% say that the long-term financial goals are not part of their immediate priorities.

Furthermore, the lack of job security is a factor of concern for 63 % of the respondents about their savings capacity. The instability of personal relationships because of a divorce or the loss of income from one partner is another for 62 % of milléniaux.

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