Table 2 Socio-economic and demographic characteristics of retired individuals age 55 and over showing percentage with household debt and predicted probability of debt

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  Retired With debt Ratio of predicted probability
'000 % %
Total 4,869 100 34 ...
Age
55 to 64 1,166 24 48 ref.
65 to 74 1,934 40 37 0.84*
75 and over 1,769 36 20 0.47*
Men 2,012 41 36 ref.
Women 2,857 59 32 1.10
Level of education
Less than high school 1,742 36 26 ref.
High school or some postsecondary 1,485 31 36 1.21*
University degree 1,621 33 39 1.15
Financial knowledge
(continuous score from 0 to 14) ... ... ... 1.04*
Family status
Widowed 1,152 24 28 1.06
Divorced 465 10 43 1.26*
Never married 294 6 30 0.85
In a couple, both retired 2,959 61 35 ref.
Extra household members1
Yes 898 18 49 1.49*
No 3,971 82 30 ref.
Homeowner 3,637 78 37 1.43*
Non-owner 1,020 22 23 ref.
Annual household income
Less than $25,000 719 15 29 ref.
$25,000 to $49,999 889 18 42 1.32*
$50,000 to $74,999 533 11 46 1.39*
$75,000 or more 466 10 46 1.37*
Not stated 2,261 46 26 0.88
Net worth (assets minus debts)
Less than $75,000 530 11 31 ref.
$75,000 to $399,999 648 13 43 0.80
$400,000 or more 772 16 38 0.55*
Not stated 2,919 60 31 0.76*
1. Single or couple households with additional household members.
* significant difference from the reference group (ref.) at the 0.05 level. The logistic regression model also controlled for immigrant status and residence by Census Metropolitan Area (CMA) and region.
... not applicable.
Source: Statistics Canada, Canadian Financial Capability Survey, 2009.