Four in Ten (39%) Canadians with Debt Say they `Don't Know What they Would Do' If they Had No Income for Six Months

Toronto, ON - Just one in three (32%) Canadians say they have no debt obligations, with the remaining majority (68%) saying they have `some' (54%) or `a lot' (14%) of debt, according to a new Ipsos Reid poll conducted on behalf of TD Insurance. Interestingly, residents of Saskatchewan and Manitoba are most likely to say they have no debt (42%), followed by those living in BC (34%), Ontario (34%), Quebec (30%), Alberta (27%), and Atlantic Canada (22%). Residents of Saskatchewan and Manitoba are also most likely to say they have `a lot' of debt (21%), followed by those living in British Columbia (18%), Atlantic Canada (18%), Alberta (15%), Ontario (13%), and Quebec (12%).

Among the 68% with debt, four in ten (39%) say they don't know what they would do to pay their expenses if they had no income for six months, rising to 44% among those under the age of 35. Others would be better off and say they would dip into savings (43%), while some would resort to borrowing from friends or family (12%) or even selling their house (10%) in order to pay their expenses. Among those who say they have `a lot' of debt, six in ten (60%) are unsure of what they would do, while 18% would sell their house, 16% would dip into savings and 12% would borrow from friends and family.

If they were diagnosed with a critical illness and were unable to work for one year, the average Canadian thinks they would need $45,609 in savings in order to sustain them through the year. Those with kids think they'd need far more ($53,438) on average than those without kids ($41,624). Albertans ($82,437) feel they would need nearly twice the Canadian average ($45,609), while Atlantic Canadians say they would need far less ($26,179).

These are some of the findings of an Ipsos Reid poll conducted between September 18th and 22nd, 2014 on behalf of TD Insurance. For this survey, a sample of 1,000 Canadians from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 3.5 percentage points, 19 times out of 20, had all Canadian adults been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information on this news release, please contact:

Sean Simpson
Vice President
Ipsos Reid
Public Affairs
(416) 572-4474
[email protected]

About Ipsos Reid

Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, please visit www.ipsos.ca.

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.

With offices in 86 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,712,4 million (2 274 M$) in 2013.

Visit www.ipsos.com to learn more about Ipsos' offerings and capabilities.