Un­bal­anced Sheets

THE MATH IS SIM­PLE IN­COME – EX­PENSES = DEBT SO HOW’S YOUR EQUA­TION?

Alberta Venture - - The Money Book -

De­spite one CIBC sur­vey find­ing that Cana­di­ans’ top fi­nan­cial pri­or­ity for 2017 is pay­ing down debt, an­other of the bank’s re­ports found that 48 per cent of Cana­di­ans aren’t tak­ing the steps needed to do so, pre­fer­ring to con­tinue spend­ing apace. Al­ber­tans are right up there, with a na­tion-lead­ing av­er­age debt load of $27,956 as of Q3 2016.

Where you fall on the scale is your own busi­ness, but, for com­par­i­son pur­poses, you can see the in­come break­down for the av­er­age Cana­dian above, and, to the right, the spend­ing habits of the av­er­age Al­ber­tan. Un­less other­wise noted, the Al­ber­tan data comes from 2014, so one can ex­pect spend­ing to have dropped some­what. The national data comes from Sta­tis­tics Canada’s 2011 National House­hold Sur­vey, so it’s old, but that’s what you get when no national long-form cen­sus is done. Data from the 2016 Cen­sus Pro­gram will be­gin to flow this month.

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