Manulife Bank of Canada surveyed 1,000 Canadian homeowners between ages 30 to 59 with household income of more than $50,000. Conducted online by Research House between October 25 and November 7, 2011 this survey asked a number of debt-related questions for three distinct age categories – 30-39, 40-49 and 50-59 – to help understand attitudes and behaviors with regards to debt among these demographic groups.
Highlights from the mortgage related questions:
- About one in four respondents (or 30% of those with a mortgage) made at least one extra payment on their mortgage within the past year. (It’s important to realize that even small lump sum payments and accelerating your payment schedule can make a huge difference over the long term)
- Almost two in three respondents failed to compare products from various lenders the last time their mortgage came up for renewal. (According to this Bank of Canada Report loyal customers actually pay more interest)
- The youngest group was most likely to shop around (41%) but also most likely to accept their current lender’s offer without negotiating (24%). (Even if you love your bank it pays to consult with an independent mortgage broker on renewal and not just sign your renewal letter)
The full Manulife Bank Consumer Debt Survey is below: