ZOOMERS EXPECT TO BE DEBT-FREE SOONER

Jun 09, 2014

By Bob Komsic

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Canadians, currently in some form of debt, expect to be debt-free by age 53.

That’s two years earlier than a similar poll taken back in 2011.

Yet the same survey by Neilsen also reveals more than two-thirds of Canadians aged 55-64, are still carrying debt, indicating debt-free dreams are not a reality for many Zoomers.

That would suggest many are not meeting with an advisor and don’t have a financial plan.

The top types of debt are lines of credit (40%), mortgages (32%), credit cards (29%) and car loans (25%).

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