A new report says seniors and those approaching retirement are making up a growing proportion of those filing for insolvency in Ontario and have bigger debts compared with younger people.
According to a review of 6,000 insolvency filings in 2013 and 2014, the share of debtors aged 50 and over increased to 30% compared with 27% in the previous two-year period.
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The report by bankruptcy trustee firm Hoyes, Michalos & Associates Inc. found seniors and pre-retirement debtors have accumulated the highest unsecured debt load among all age groups.
On average, debtors 50 and older filing for insolvency had $68,677 in unsecured debt, while those over 60 had total unsecured debt of $69,031.
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That compared with an overall average of $56,545 in unsecured debt for those filing for insolvency.