Most Canadians Underestimate Their Debt

But Albertans are the most optimistic about it, according to a study by CIBC.

A survey taken this summer by the Canadian Imperial Bank of Commerce suggests that Canadians are just too darn optimistic when it comes to their own assets. Respondents from the pool of over 2,000 participants consistently underestimated the amount of time it would take them to clear their debts, and lacked a clear strategy for reaching their financial goals. On average, Canadians estimated that they’d pay off all loans by the age of 55, though only a third of those responding from the 55-64 age demographic were actually debt-free. Albertans proved more confident than Atlantic and B.C. residents, though most Canadians assumed they’d have it all under control within about a decade.

Image courtesy of Reuters.