A growing number of Canadians report having no personal debt, according to results from RBC’s second annual Debt Poll.
Roughly one in four (26%) poll respondents indicated they have no non-mortgage debt in their name, up from 22% who said the same last year.
At the same time, the results show that the average personal debt load is up slightly, at $13,141 per Canadian, which is $84 higher than it was a year ago. While 40% of respondents described themselves as “comfortable” with their current personal debt level (compared with 45% in 2011), 34% said their debt level causes them anxiety (up from 32% in 2011).
“Many Canadians have some level of comfort with their personal debt, but the very personal nature of carrying debt can often stir up mixed emotions,” said Richard Goyder, vice-president of personal lending with RBC. “It’s encouraging that the results show more Canadians have become debt-free over the past year and that those who still have debt want to do more to reduce it.”
Just over half of respondents (51%) said they believe it is more important to pay down debt than to save and invest for the future. The percentage of respondents who place an equal importance on saving and investing as well as paying down debt is down, at 41%, from 44% in last year’s poll.