Lifestyle

Canada's average debtor is not who you think

Infographic: New data released by Statistics Canada suggest our worst debtors have high incomes, good educations and solid financial literacy.

Imagine someone saddled with monstrous debt. What do they look like? Are they a member of the working poor with little education and even less financial acumen? A poor rube who doesn’t realize the hole they’ve dug for themselves? Wrong—at least in Canada. New data released by Statistics Canada suggest our worst debtors have high incomes, good educations and solid financial literacy. And they live in Alberta, which has the best-paying jobs and lowest unemployment in the country. In short, Canada’s debtors understand what they’ve done and can likely afford to pay it off. Here, we present a look at the (reasonably attractive) face of Canadian debt.


 

Illustration by Goñi Montes