B.C. se­niors carry more debt: poll

30% said their top con­cern is run­ning out of money, com­pared to 25% na­tion­ally

StarMetro Vancouver - - COVER STORY - JEN ST. DE­NIS

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.

Read the full story at thes­tar.com/van­cou­ver

CLIF­FORD SKARSTEDT/TORSTAR FILE

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