Canadians currently holding some form of debt expect to be debt-free by the age of 53, according to a CIBC poll.
That’s two years sooner than a similar poll conducted in 2011 despite a steady climb of consumer debt levels during that time.
However, among Canadians nearing retirement (between the ages of 55 and 64), 67% say they currently hold debt, an increase from 64% in 2011.
The top types of debt currently held by those aged 55 to 64 include: lines of credit (40%), mortgages (32%), credit cards (29%) and car loans (25%).
“Canadians have good intentions when it comes to paying down debt, but unless they have a solid financial plan in place they may still find themselves with significant debt obligations as they near retirement,” says Christina Kramer, executive vice-president, retail and business banking with CIBC.
The poll also reveals some good news for those aiming to pay off their debt in their 50s: 33% of Canadians aged 55 to 64 currently have no debt.
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