By: Francine Kopun Business reporter, Published on Wed Aug 27 2014
Half of millennials are so stressed about debt they are losing sleep over it, according to the results of a survey by BMO.
The survey found that the household debt is $73,305 for millennials (those aged 18 to 34) and $92,476 for Canadians aged 35 to 54, who are more likely to have a mortgage.
The survey found that 56 per cent of millennials are so anxious about their debt they think about it multiple times a day and 50 per cent said debt has made them lose sleep.
Half feel ashamed at the level of debt they’ve accumulated; half have had arguments with family, friends and partners over debt; and 51 per cent have borrowed money from friends or family to manage household debt levels.
Nearly 60 per cent of millennials viewed their debt as a major personal problem.
Among Canadians aged 35 to 54, there was more debt, but less angst.
Only 39 per cent were ashamed of their debt levels; 41 per cent thought about their debt multiple times a day; 43 per cent lost sleep over it and 38 per cent had argued about it.
Millennials are more burdened by student debt than their elders, according to David Coletto, chief executive officer of Abacus Data, which specializes in market research into the demographic.
“You just have to look at tuition rates and the cost of housing,” said Coletto, adding that it is not unusual for students to graduate with debt of $30,000 to $40,000.
Keep reading: http://www.thestar.com/business/2014/08/27/debt_is_keeping_millennials_up_at_night.html