For more than a decade, his Ontario-based firm Hoyes Michalos has been crunching bankruptcy and insolvency numbers for its annual "Joe Debtor" analysis, with its latest results released last month ahead of tax season.
The 2022 Joe Debtor study examined 2,700 personal insolvencies filed in Ontario. Hoyes Michalos says 49 per cent were filed by millennials aged 26 to 41, even though they make up 27 per cent of adult Canadians. Filing for bankruptcy, he said, is an option to eliminate debts, but most people end up filing consumer proposals with the help of insolvency trustees like him to pay them down over time in manageable portions.
The society helps people struggling with debt, negotiating with creditors to eliminate interest on loans, but also refers people in some situations to bankruptcy and insolvency trustees. Locke, who works for a real estate brokerage, got into the housing market at a young age having worked in the oil and gas industry after high school.
Insolvency or bankruptcy weren't options for the couple because they wanted to keep their assets, but the Credit Counselling Society was able to work out a deal with their bank to eliminate interest on the renovation loan.Locke said the stress and stigma of debt is embarrassing, "but it's just the way it goes."Grant Bazian, a licensed insolvency trustee and president of MNP Ltd.
It would be nice to know what the percentages were during the GFC? I doubt Gen X were in better shape then than Millennials are now.
Main reason I left Canada over a year now.
Tough hill to climb
I am a millenial, when i was a kid growinf up in scarbz i thought if I made 100k a year I was rich. Achieved that 2 years ago and coulsnt feel further from rich. With mortgage, insurance, groceries, transport, etc theres hardly anything leftover. Any unforseen expenses set mebak
Everything is getting expensive almost every month, Rent, Food, Utilities, Gas , interest rates People are literally working for banks 🏦
Millennials like Trudeau think that credit card is free money
Millennials are destroying the world because they think they are entitled!
Ah yes , but those millenials also took sunshine holidays, don't miss drinking at the bar, have the best iphones, smart watches, iPads , computers, designer jeans and lulu lemon attire! Looking good, big debt, all comes crashing down eventually.
Seeing some of the most ignorant tweets here
The gift of covid reactions keeps on giving.
Many don’t know how to budget, continue to drink, smoke eat out every night. Don’t know how to live with less
Wait, giving away free money hurting our interest rates and having to pay it back is bothering people. Holy shit.
Society.
What a disaster.
Thanx to liberal policies.
they should be extremely grateful they always have their boomer parents/grandparents to fall back on on during the hard times after their credit cards are maxed out on all the latest tech gadgets and travelling all over the world
Yup and I'll be one of them.
RE_MarketWatch
You know its bad when CP24 posts actual news.
Millennial don't vote for liberals they have caused this
Boomers are waste they enjoy free money and leave the millennials to suffer
Isn’t the cost of rent the most worrisome though…yesterday I saw a townhouse with my friend, 6 people live in a tiny 1800sqft townhouse. And if the public transit can be more advanced, I’ll move out of the city too. But I need to go to dt for work…
CERB tax debts - I thought JT and his Merry Men forgave all CERB recipients their debt- or maybe it was just the deceased and corrupt ones.
Given the debt and outrageous inflation which was caused by the stupidity of the Government - if I were a Millennial I would go bankrupt time and time again. What else is there for them - debt slaves of their parents and grandparents. Why bother?
There are two types of students. Ones that are frugal with their spending and make sacrifices. Other’s feel they’re entitled and spend their money freely. It’s not easy to make ends meet. But going to bars/restaurants, ordering takeout and buying expensive clothing doesn’t help.
Sounds like millennials (on average, as I’m sadly one by birth year) are digging their own graves, really, and going deeper and deeper.
Buy Bitcoin
Government will take on debt so you don’t have to. Lol hahahaha
Easy money made the boomers rich, young struggling
Why do u have credit cards if u have student debt to deal with? Did u buy a new car or a really old one? Are you taking trips?
Have you seen millennials spend money? Very reckless
Yea no shit sherlock. Canadians across the country are struggling cdnpoli TrudeauDestroyingCanada SelloutSingh JustINFlation
This is why you never, EVER take 'free money' from the government. There is no free money.
Y'all sure love to hate millenials... We're older and more settled than you think.
And we are paying their bill
The liberals will add another tax to bail them out. After all, there's still $17k of take home leftover from an $80k income. Working to support others and going without is the Canadian way, right?
Hey Millennials, if you looking for some prosperity in years to come do not vote liberal, green or NDP. They do not care about your financial future. Their bad fiscal policies inflict significant hardship on all Canadians.
I'm not speaking out of turn when I say these snowflakes are the worst of all generations. They are self-absorbed navel gazers that really aren't good for much if anything. Of course, not every millennial is this way just most.
Love how boomers keep bashing millennials but also keep forgetting who's going to take care of them in their old age or abused them or beat them
😂😂😂😂 good for them, vote liberal and this is what happens
I guess the genders studied degree did not payoff…
Build Back Better 🙃🤡
Thank the liberal government
Cerb tax ?
Good, they voted for leftist government now they have to pay the price.
What do you expect when the previous generations tax the hell out of them and have raised the cost of everything?
Generation Entitled. Maybe skip the avocado toast this week.
YorkUniversity UofT Maybe they should stop voting for liberals that are piling on the debt?
A double masters in the wokeism curriculum doesn’t pay the bills…once the professional student retires to the workforce pickled in debt a job at Tim’s and mc’d will be waiting…how the corrupt gov loves debt slaves…it’s always been a racket, more so now recruiting over seas…
“But older generations have enjoyed many advantages. Housing prices were more in step with wages. Tuition fees didn't necessitate student loans,” I wouldn't be surprised if we have a revolt like France is having right now.
Soaring housing, gas, tuition and food costs and no help from Ottawa or Queens Park. No wonder so many educated folks leaving ToryTown
Millennial overwhelmingly voted for Trudeau Liberals. They knew they would the bill would come due eventually. Trudeau conned them good. 😔😔😔. He led with 'here's free money never worry! Live this way too! Spend spend!' 😔😔. Now Millennials getting shafted with his taxes!