Young Canadians are buckling under financial pressures, with a recent Equifax Canada survey revealing that 52% of adults in this age group are anxious about their personal debt.
The amount of those aged 18 to 34 stressing about their debt is notably higher than the average of 39%.
Moreover, 36% of young Canadians reported that they have missed a bill payment this year, compared to 23% of all respondents.
Julie Kuzmic, Equifax Canada’s Senior Compliance Officer of Consumer Advocacy, underscored the pressing need for enhanced financial education.
“It doesn’t take much to become entangled in debt, especially in our current economic climate, as we shared in our recent Market Pulse Quarterly Credit Trends report for Q2,” Kuzmic stated in a press release.
A significant 86% of all respondents voiced the sentiment that the government should adopt a more hands-on approach to tackling housing affordability.
Further, 69% of young Canadians are more likely to explore “side hustles”, with 48% considering taking second or third jobs to increase their income and meet their financial obligations. 19% of all respondents are considering relocating due to affordability constraints.
The survey also spotlighted young Canadians’ pronounced reliance on social media platforms for financial advice. 42% of this demographic turns to these channels for financial insights, a stark contrast to the 22% of all respondents.
While concerns about debt are pervasive, with 45% of all respondents anxious about paying off debt like mortgages and student loans, a mere 18% have sought professional counsel on debt management.
“Financial education is an essential building block towards financial resilience to help people make informed financial decisions and protect their well-being,” said Kuzmic.
Young Canadians, while proactive in monitoring credit reports, seem to downplay the risk of identity theft. 32% believe they are unlikely to become victims of identity theft, compared to 19% of all respondents.
In addition, only 61% have up-to-date anti-virus software, lagging behind the 72% of the general population.
Conducted between September 15-18, 2023, using Leger’s online panel, this survey involved 1,564 participants and has a margin of error of +/-2.5%, 19 times out of 20.
