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Debt, Financial Vulnerability, and Repayment Behaviour in Older Canadian Households

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  • Jie Zhou

Abstract

Earlier research has documented that debt at older ages has increased significantly in Canada over the period from 1999 to 2016. In this article, I explore the consequences of a growing proportion of older Canadian households experiencing financial vulnerability. After controlling for household characteristics, I find among older households that a high debt-to-asset ratio and very low liquid wealth are significantly and positively associated with skipping or delaying a mortgage or non-mortgage debt payment and with usually paying the minimum amount or less on credit cards in the previous year. The debt-to-income ratio, however, is not an important indicator of financial vulnerability for older households.

Suggested Citation

  • Jie Zhou, 2022. "Debt, Financial Vulnerability, and Repayment Behaviour in Older Canadian Households," Canadian Public Policy, University of Toronto Press, vol. 48(1), pages 108-123, March.
    • Handle: RePEc:cpp:issued:v:48:y:2022:i:1:p:108-123
    DOI: 10.3138/cpp.2020-095
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    Cited by:

    1. Khan Jahirul Islam & Julien Picault, 2025. "One card fits all? Exploring the incidence, intensity, and extent of credit card use in Canada (1999–2019)," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 30(1), pages 1-28, March.
    2. Sara Fernández‐López & Marcos Álvarez‐Espiño & Lucía Rey‐Ares & Sandra Castro‐González, 2024. "Consumer financial vulnerability: Review, synthesis, and future research agenda," Journal of Economic Surveys, Wiley Blackwell, vol. 38(4), pages 1045-1084, September.

    More about this item

    Keywords

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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

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