Staff
More than half (60%) of retired Canadians continue to hold debt, finds a CIBC poll.
Retired Canadians hold less debt than those currently working, but they’re less likely to be accelerating debt repayment.
“Their debt could be stagnant and may end up costing them more in interest over a longer period of time,” says Christina Kramer, executive vice president, retail distribution and channel strategy, CIBC.
Read: Boomers will retire in debt
Additional poll results:
- 59% of retired Canadians currently hold some form of debt compared to 76% of all non-retired Canadians;
- Only 27% of retirees have made an extra lump sum payment towards their debt in the past 12 months, lower than the national average of 42% of all non-retirees;
- Retirees carry 1.65 debt products with a balance (including mortgages, lines of credit, loans and credit cards), compared to 2.64 products with a balance among non-retirees;