In a recent Manulife Bank of Canada survey, almost half of Canadians have a misunderstanding about what debt actually is. Of the homeowners surveyed, 49% considered themselves to be debt-free, even if they had mortgage debt outstanding. This number is even higher among homeowners in their 20s, who at 68% don’t include their mortgage when they think about debt.
There clearly seems to be a lack of education on what debt is, but in reality, a mortgage is a loan which means it is a debt until paid off. However, being debt-free remains a top priority for the majority of Canadians surveyed. Eight in 10 Canadians say being or becoming debt-free is their top financial priority.
If you’re interested in reading more findings from the Manulife survey, you can find them online. If you have questions about mortgage debt or becoming debt-free, I’m always available to answer your questions, you can contact me or tweet me .
