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​Here’s Yet Another Report That Says Young Canadians Are in Money Trouble

It's especially bad for people living in Alberta and Newfoundland.

Hello debt, my old friend. Photo via Flickr user Sean MacEntee

A new report shows that Canadian millennials (ugh, sorry), especially ones working in Alberta, are going deeper into debt and having a hard time paying their bills.

Shocking, I know.

The report from credit bureau Equifax Canada shows that the delinquency rate of young millennials (18-25) has jumped 11.7 percent year over year to….1.8 percent. Which doesn't sound all that bad, but it's the worst among all age groups and will allow for yet another "Millennials are lazy and terrible with money" thinkpiece for your mom to email you.


On the other hand, young millennials had the lowest amount of average debt (which doesn't include mortgages) at $8,203. Older millennials (26-35) had double the debt at $16,841. The 46-55 age group had the most average debt at $32,243, probably because they were paying the way for young millennials. (jk)

Read More: Young Canadians Are Rather Broke

However, when you break down the numbers by city and province, there are some very interesting tidbits—in particular, Alberta is really going down the shitter.

The delinquency rates in most major Canadian cities have gone down year-over-year with a couple notable exceptions, Calgary (32.2 percent increase), Edmonton (39 percent) and St. John's, Newfoundland (21.2 percent). What do these cities have in common? They all have a lot of people who work (or worked) in oil, specifically Albertan oil.

Those three cities also had the three highest average debts rates in the study.

Just yesterday is was reported that Alberta's deficit jumped another $500 million to $10.9 billion with its economy due to shrink another 2.7 percent.

So, it's only going to get worse. Isn't growing up fun?

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