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Almost 1 in 5 Albertans believe they will never escape personal debt: survey
CALGARY –
New research has found that almost half of Albertans have made risky financial choices in the past year and a significant number believe that it will take decades, if ever, to get out of debt.
The results of the Ipsos inquiry into consumer debt problems in Alberta commissioned by MNP LLC, a Canadian insolvency practice, were released Monday morning.
The study, which was conducted between December 4 and December 19, 2019, determined that 47% of Albertans borrowed money they could not afford to repay or were just minimum payments on their existing debts, either recklessly or out of necessity.
"Risky behaviors like paying only the minimum balance, making impulse purchases and going into more debt to make ends meet can put people in an endless cycle of debt that is almost impossible to get free of," said Donna Carson, Calgary-based debt expert at MNP Ltd., said in a statement on Monday.
"Lack of financial literacy may be the reason why many engage in behaviors considered risky financially. Some want to get out of debt but just don't have the skills to do it. do it, while others dig themselves into more debt because they deny the state of their finances. "
Although the study found that 29% of Albertans currently live in debt-free, 19% of alarming adults in the province have reached a point where they believe they will never pay off their debts.
For the 48% of Albertans who are currently grappling with a debt they expect to pay, they anticipate that it will take them on average seven years and eight months to free themselves from their debt.
The online survey interviewed a sample of 2,000 Canadians aged 18 and over. The results are considered to be accurate to within +/- 2.5 percentage points, 19 times out of 20.
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