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

• DOI: 10.3138/cpp.2020-095
• Publication Date: 2022-01-07T16:14:33Z
• Authors: Jie Zhou
• Keywords: Vulnerability; Household debt

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