Debt stress was felt more by women, 44% of whom reported feelings of anxiety, than by men (35%). Millennials, at 48%, were more worried about their debt than their counterparts in Gen Z (41%), Gen X (36%), or baby boomers (24%).
Stress was especially apparent among those earning $40,000 to $59,000, 46% of whom expressed worry over their debt loads. Only 29% of the nation’s highest earners, those earning $120,000 and above, reported being stressed.
A large fraction of the debt in question is related to credit cards. The study found that around 42% of Canadians have leaned on their credits card more than usual since the start of the pandemic, with 59% saying they are carrying balances every month and paying interest on debt. # SANDI HALPERN # LEASED # SOLD # DEBT
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