By Thomas I. Likness
Eagle News Service

(Eagle News) —Canadians are carrying less debt these days than before the pandemic began, according to the latest debt survey by Manulife Bank.

And the survey found one-third of those asked have no debt at all.

“This shows us that during the pandemic, many Canadians have been doing an admirable job of paying down their debt and planning for their future,” said Rick Lunny, President & CEO of Manulife Bank. “Continuing to exercise some restraint at this point in time could certainly help them achieve their financial goals in the long run.”

The survey found people seem to be relying less on debt to finance their lifestyles.

Sixty-eight percent of Canadians report having at least some form of debt outside of their mortgage. That’s down from 73% earlier in the pandemic and 79% prior to the pandemic.

With housing prices at an all-time high, home ownership continues to be very difficult for most Canadians.

According to the survey, nearly three-quarters of Canadians who do not own a home want to own one but can’t afford to.

In addition, 71% are worried about housing prices in their local community, with 87% believing that there is an affordable housing crisis in Canada.

“Despite housing prices being at record highs, home ownership is achievable in the current interest rate environment — for those who can make the down payment,” said Lunny.

Lunny adds flexible financial planning is imperative.

“No matter what your situation is or the environment we operate in, people need to have a good understanding of where their money goes, how they can minimize their current spending and how they can find ways to save more towards their goals,” he said.

The survey polled 2,001 Canadians between the ages of 20 and 69 who live in households with an income of more than $40,000.

(Eagle News Service)