Table 4
Factors associated with high debt metric ratios

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  Odds of having a high total debt service ratio Debt to pre-tax household income ratio Odds of having a high debt-to-asset ratio
Unadjusted Model Unadjusted Model Unadjusted Model
odds percentage points odds
Age
19 to 34† ... ... ... ... ... ...
35 to 49 0.85 0.69* -12 -24 0.41* 0.44*
50 to 64 0.67* 0.46* -43* -67* 0.26* 0.29*
Sex1
Men† ... ... ... ... ... ...
Women 1.05 1.04 -5 -19 0.94 0.96
Separated or divorced1
No† ... ... ... ... ... ...
Yes 1.26 1.06 10 -10 0.65* 1.02
Family type
Couple family, no children under 25 0.85 0.90 -34* -22* 1.00 1.09
Couple family, youngest child 0 to 24† ... ... ... ... ... ...
Unattached individual 1.08 0.68 -13 -47* 1.61* 0.88
Single parent family, youngest child 0 to 24 2.69* 1.62 57* 31 2.04* 1.21
Other families 1.39 0.79 -9 -31 1.87* 0.87
Born in Canada
No† ... ... ... ... ... ...
Yes 0.31* 0.40* -71* -43* 0.56* 0.62*
Geographic location
Other† ... ... ... ... ... ...
Census metropolitan area with high housing prices 2.09* 2.01* 65* 61* 1.13 1.18*
Household income
Less than $50,000 4.36* 6.75* 109* 162* 2.16* 1.58*
$50,000 to $79,999† ... ... ... ... ... ...
$80,000 to $119,999 0.50* 0.43* -6 -34* 0.54* 0.60*
$120,000 and over 0.41* 0.29* -38* -91* 0.32* 0.40*
Unemployed
No†1 ... ... ... ... ... ...
Yes 1.18 0.88 24 5 2.10* 1.39*
Education of respondent
High school or less† ... ... ... ... ... ...
Some post-secondary (less than a university degree) 0.88 1.03 16 19 0.73* 0.82*
University degree 0.87 1.20 22 32 0.67* 1.00
Took a course in finance or economics
No†2 ... ... ... ... ... ...
Yes 2.20* 2.12* 76* 61* 1.18 1.31*
Family member owns home
No† ... ... ... ... ... ...
Yes 2.63* 6.96* 101* 171* 0.18* 0.32*
With each ten percent rise in the financial knowledge quiz score 0.89* 1.02 8 12* 0.84* 0.95
With each ten percent rise in self-assessed financial knowledge score 1.01 1.07* 4 4* 0.81* 0.87*
Constant … 0.011* … 35 … 1.38
† reference group
* statistically significant difference from the reference group at p < 0.05
1. Unadjusted results are for unattached individuals and single parent families only.
2. The reference group includes those employed and those not in the labour force.
Note: For comparison, the unadjusted column indicates the effect of each characteristic on its own, without removing the effects of the other factors.
Source: Statistics Canada, Canadian Financial Capability Survey, 2009.