Around half of all insolvencies filed in 2022 were by millennials, despite only accounting for less than 27 per cent of the Canadian population aged 18 and older, according to a new study.
during the year, according to the study. The age group had an average unsecured debt load of $47,283 in 2022. Student loans accounted for 30 per cent of unsecured debt loads held by the age group last year, according to the study. About 35 per cent of millennials carried debt from student loans, with an average of $16,725 owed, the study found. Reliance on high-cost loans among the age group increased by 17.4 per cent in 2022 from the previous year, the study said.
“Despite subprime lending being a small component of overall lending in Canada, its fast growth is creating a crisis among heavily indebted borrowers and these Rapid Loans are a significant driver of consumer insolvencies,” said Hoyes. The study said the average insolvent debtor in 2022 with a loan of this type owned money to four different lenders, with a total debt load of $12,100. Last year’s figures marked an increase from 2021, where the average insolvent debtor owed $10,819 to 3.8 different lenders. Data for the study was compiled using information from those who filed a consumer proposal or personal bankruptcy with Michalos and Associates. The study used data from 2,700 personal insolvencies in Ontario, between Jan.
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