Millennials accounted for nearly half of total insolvency filings in Ontario, though they make up a quarter of the adult population. Read on
accounted for nearly half of total insolvency filings in Ontario even though they only make up about a quarter of the 18-and-over population, according to the latest Joe Debtor report from Ontario-based insolvency firm Hoyes, Michalos & Associates. Total Ontario insolvencies rose by 15 per cent year over year while Canadian filings rose by 11 per cent and were notably higher than pre-pandemic levels.
This generation was also the only age group to see a rise in unsecured debt, which grew by about nine per cent in 2022. They also leaned heavily on credit cards to cover rising expenses with 87 per cent of millennials holding credit card debt with an average value of $13,948. The taxman also hit millennials harder, with nearly half of this age group grappling with tax debt, up from 37 per cent in 2021.
The biggest concerns to insolvency trustees such as Doug Hoyes, co-founder of Hoyes, Michalos & Associates, is the rapid pace at which the demand for these loans have grown. “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.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nearly half of all insolvencies last year were filed by millennials: Study - BNN BloombergAround 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.
Read more »
Opinion | Ontario Liberals must build a party that is worthy of attracting a leaderMy premise is that the party shouldn’t fall back into the old ways of seeking/selecting a Saviour-Leader to lead them out of the wilderness, but to build a party worthy of attracting a leader. Opinion by Sheila Gervais
Read more »
86 works of Canadian fiction to read in the first half of 2023 | CBC BooksCheck out the great Canadian novels and short story collections coming out from January to July!
Read more »
Ontario appeal court orders Metrolinx to stop cutting trees from Osgoode Hall pending hearingThe Ontario Court of Appeal has ordered Metrolinx to stop cutting trees from the grounds of Osgoode Hall pending a hearing next week.
Read more »
Ontario appeal court orders Metrolinx to stop cutting trees at Osgoode Hall pending hearingThe Ontario Court of Appeal has ordered Metrolinx to stop cutting trees from the grounds of Osgoode Hall pending a hearing next week.
Read more »