Four in 10 Canadian marriages begin in debt—couples starts off with an average of $21,503 in debt on their wedding day.
This is according to a recent Harris/Decima poll conducted for Hoyes, Michalos & Associates Inc., a consumer proposal and trustee in bankruptcy firm in Ontario.
Almost half (47%) of respondents between the ages of 25 and 34 brought debt into their relationship, and those ages 45 to 54 started their relationship with the highest level of debt compared to any age group—an average of $19,488 per partner.
“It’s scary that before starting a new life together many Canadians are already burdened with debt,” says Douglas Hoyes, a bankruptcy trustee with Hoyes, Michalos & Associates Inc. “How can you buy a house, start a family and live the Canadian dream when you are already in debt?”
The survey also shows that 36% of respondents did not discuss their debt with their spouse prior to tying the knot.
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