TORONTO, ONTARIO--(Marketwired - June 12, 2017) - (NYSE:EFX)
Note to Editors: There is an infographic associated with this press release.
Millennials and seniors are the most optimistic about their financial futures despite some concern across all age groups about ever-increasing debt obligations, according to a new study released by Equifax Canada®. The survey - designed to measure how different age groups view their financial situations - was conducted by Leger in April 2017.
"At Equifax, we see a lot of financial data but we were curious about the story behind the numbers, so we set out to discover the perceptions, behaviours and attitudes influencing Canadians' financial decisions," said Regina Malina, Senior Director of Decision Insights, Equifax Canada. "We discovered that Canadians tend to be uncomfortable with debt but they're doing their best to manage it and are optimistic about their financial future."
How Canadians feel about their debt
Equifax data shows that overall Canadian consumer non-mortgage debt has increased by 4.2 per cent year-over-year since 2016 and specifically, Canadians aged 65 and older experienced a 17.7 per cent increase in non-mortgage debt over the past three years - the highest among all age groups. But the study reveals some additional insights:
The overall financial outlook of Canadians
Generally, the youngest and oldest of the age groups surveyed are most optimistic about their financial future with the group in the middle expressing more reservations:
Car and home ownership is still important
Despite societal concerns about rising home prices, Canadians of all ages still agree it's a good investment:
The survey component of this study was conducted online using Leger's weekly OMNI via LegerWeb, capturing a representative sample of 1,583 Canadians from across the country. A sample of this size would yield a margin of error of +/- 2.5 per cent 19 times out of 20.
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its databases include employee data contributed from more than 6,600 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,400 employees worldwide.
Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune's World's Most Admired Companies (2011-2015); named one of Forbes' World's 100 Most Innovative Companies (2015). For more information, visit www.equifax.com
© 2017, Equifax Canada Co. All rights reserved. All marks appearing herein are trademarks or registered trademarks owned or licensed by Equifax Canada Co.
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