Debt, Financial Vulnerability and Repayment Behaviour in Older Canadian Households

Jie Zhou

Departmental Working Papers from The University of Winnipeg, Department of Economics

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, we explore the consequences of a growing proportion of older Canadian households experiencing financial vulnerability. After controlling for household characteristics, we 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.

JEL-codes: D14 G51 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2021-09
New Economics Papers: this item is included in nep-age and nep-ban
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Journal Article: Debt, Financial Vulnerability, and Repayment Behaviour in Older Canadian Households (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:win:winwop:2021-01

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