B.C. seniors carry more debt: poll
30% said their top concern is running out of money, compared to 25% nationally
Seniors in B.C. are carrying a higher debt load than counterparts across Canada and are more likely to report feeling stressed about running out of money before they die.
According to a Leger poll commissioned by Credit Canada, 60 per cent of B.C. seniors over age 60 have debt, compared to 56 per cent nationally. Thirty per cent of B.C. poll respondents said their top financial concern is running out of money, compared to 25 per cent nationally, while 35 per cent of B.C. seniors said not being able to afford longterm care was their biggest worry, compared to 25 per cent nationally.
“We have seen increasing numbers of seniors use our Sixty per cent of B.C. seniors over age 60 have debt, a poll found.
services and the Financial Planners Standards Council has recognized that there seems to be a delay in retirement,” said Laurie Campbell, CEO of Credit Canada.
“Seniors work until they’re 65 and then we’re seeing individuals who have retired, but then realize they can’t afford to be retired and (are) trying to get back into the work force and it’s very, very difficult.”
That is often leading older adults to go into credit card debt to “bridge that gap,” Campbell said.
Meanwhile, 48 per cent of respondents said they don’t have any financial concerns.
The poll has a margin of error of plus or minus 2.5 per cent, 19 times out of 20.
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