VANCOUVER (NEWS1130) - Young Canadians could be setting themselves up for future financial difficulties. A survey from
Manulife Bank of Canada finds many are lacking finance fundamentals and just don't realize how good they've got it right now.
The survey says more than one-in-three Canadians between the ages of 30 and 39 think today's interest rates are about average or high. But in reality, they are sitting at historic lows.
Doug Conick, President and CEO of Manulife Bank of Canada says, "These younger homeowners may be taking on more debt than they will be able to afford if interest rates rise."
"While there is no expectation we'll see rates like those of the 1980s, a rise of even a few percentage points could have a significant financial impact on this younger generation of Canadians," he adds.
The survey also showed that less than half of all respondents had reduced their personal debt over the last 12 months, down from 57 per cent in last quarter's survey results.