Table 1 Characteristics of families who used payday loans
Used
payday loans
Odds
ratio
%
Total
2.7
…
       
Family type1
Unattached individual
3.6
E
*
 1.2
Married couple without children2(ref)
1.6
E
1.0
Married couple with children
3.5
E
*
 1.5
Other
2.0
E
1.4
 
Major income recipient
Age
15 to 24
10.3
E
*
 3.0 *
25 to 34
3.9
E
1.1
35 to 44 (ref)
3.5
E
1.0
45 and over
0.9
E
*
 0.5
 
Education
Less than high school
2.5
E
0.7
High school graduate
3.5
E
0.8
Non-university postsecondary certificate (ref)
3.3
E
1.0
University degree or certificate
1.3
E
*
 0.6
 
After-tax income
$23,000 or less
3.5
E
0.4
$23,001 to $40,000
2.8
E
0.6
$40,001 to $66,000 (ref)
3.0
E
1.0
Over $66,000
1.4
E
*
 0.6
 
Number of earners
None
F
0.3 *
One or more (ref)
3.2
1.0
 
Bank balance
$500 or less
5.6
*
2.6 *
$501 to $2,000
2.1
E
1.3
$2,001 to $8,000 (ref)
1.2
E
1.0
Over $8,000
F
1.0
 
Household budget
Yes
3.4
*
1.6
No (ref)
2.0
E
1.0
 
Credit card
Yes (ref)
1.9
1.0
No, refused
11.4
E
*
 3.6 *
No, not refused
5.4
E
*
 2.1 *
 
Bill or loan status
Behind
12.2
E
*
 4.3 *
Up-to-date (ref)
1.5
1.0
1 Elderly families are in the ‘other’ category
2 With or without other relatives
* Significantly different from the reference group (ref) at the 0.05 level or less.
Source: Statistics Canada, Survey of Financial Security, 2005