This is how much debt is normal for your age

Have you ever stopped to wonder how much debt is typical for your age?

If you’re like most people, you have at least some debt. Your mortgage, car payment, credit card balance, and student loans are all liabilities that contribute to your total debt.

Have you ever stopped to wonder how much debt is normal for your age, though?

Below, I’ll outline the average and median debt by age in Canada, so you can see how your finances compare. Then I’ll explain some of the key reasons why Canadians’ debt is increasing.

First of all, it’s important to understand that debt is normal. Very few Canadians are 100% debt-free. Even those with near-perfect credit scores likely have an auto or student loan they’re paying down.

These are the debt metrics measured by Statistics Canada during census surveys.

Here’s the average debt by age group in Canada as of 2019, according to the latest data sets from Statistics Canada:

Note - this data applies to individuals who are not in an economic family. The numbers differ for economic families, which include married/common-law partners and families with dependent children.