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