Table 1
Selected financial characteristics of non-retired adults aged 45 to 64, by bankruptcy experience, 2007

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  Experienced bankruptcy1 Never bankrupt
Income median or below†2 Above median income
percentage
Basic assets for retirement
No home, no private pension plan, no RRSP3 25* 11 F
Home or private pension plan or RRSP 35 32 9*
Two of home, private pension plan or RRSP 28* 38 44*
All of home, private pension plan and RRSP 13* 19 46*
Homeownership status
Tenant 48* 23 4*
Homeowner with mortgage 41 42 55*
Homeowner without mortgage 11* 35 41*
Pension plan from present or previous employment (excluding Canada and Quebec Pension Plans)
No private pension plan 63 64 40*
0 to 10 years service 16* 12 15*
More than 10 years service 21 24 45*
Value of RRSP3 at time of survey
No contributions in last 5 years 62* 48 18*
Less than $50,000 29 34 27*
$50,000 to $100,000 F 11 22*
More than $100,000 F 7 34*
Other financial strategies for retirement
None 30* 26 10*
Investments or paying down debt 41 37 32*
Both 29* 37 58*
Over the last 5 years, the respondent has made investments by...
building up savings (excludes RRSP3) 20* 32 49*
making other investments, (e.g. stocks, bonds, mutual funds, etc.) 19* 27 54*
buying or selling real estate (e.g. buying new home or downsizing) 52 50 63*
Over the last 5 years, the respondent has paid off debt by...
paying off old mortgage or avoiding acquiring new mortgage 24* 32 47*
paying off other debt or avoiding acquiring new debt, e.g. loan, line of credit 52 50 63*
† reference group
* statistically significant difference from reference group at p < 0.05
1. Experienced at least one bankruptcy since the age of 25.
2. Fifty-four percent of target population reported household income under $80,000.
3. Registered retirement savings plan.
Source: Statistics Canada, General Social Survey, 2007.