Millennials have less debt than Gen X

By Staff | March 20, 2015 | Last updated on March 20, 2015
1 min read

Canadians of all ages increased their debts by 2.3% in the last three months of 2014, raising total average indebtedness to $21,428, reports MoneySense.

Lower interest rates have encouraged people to stop paying off their debtsand to start outspending their means again.

Read: Unemployment rises to 6.8%

But some groups are doing better than others at staying afloat, reports MoneySense. Members of Generation X, born roughly between 1965 and 1975, are the most likely to be delinquent on their loans, while Milennials are faring slightly better. People born before 1945 are the least likely to be delinquent.

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The staff of have been covering news for financial advisors since 1998.