Tashi Farmilo
LJI Reporter

With debt levels on the rise and a challenging job market, young adults across Outaouais are
increasingly grappling with high credit card balances, mounting living expenses, and limited
financial guidance. Every November, Financial Literacy Month, led by the Financial Consumer
Agency of Canada (FCAC), aims to help Canadians, especially younger generations, build
confidence in managing their money.

Recent data from Equifax Canada reveals the financial strain on young Canadians, with credit
card balances for consumers under 35 now averaging over $4,300—the highest since 2007.
Payment rates have dropped significantly among this age group, contributing to increased
delinquency rates. As of Q2 2024, non-mortgage delinquencies hit 1.4%, the highest rate since
2011, with the 26-35 age group seeing a sharp 21.6% increase from the previous year. Auto
loan and line of credit delinquency rates among young adults also rose, at 1.45% and 2.19%,
respectively, underscoring financial pressures. Additionally, nearly one in three Canadian
households now includes adult children living with their parents, up from 26.7% a decade ago.

This trend is especially pronounced in urban areas, reflecting how economic challenges are
reshaping family dynamics and stressing the need for robust financial literacy support.
“Talking about finances with family or friends builds confidence and leads to better financial
decisions,” said Werner Liedtke, Interim Commissioner of FCAC. “Our message is simple:
Canadians should feel comfortable asking questions and learning from trusted sources.”

As part of this year’s Financial Literacy Month campaign, the FCAC has launched resources and
activities that encourage Canadians to check their credit scores, discuss budgeting with peers,
and seek advice from financial professionals. “The transformative power of open conversations
about finances can help Canadians build a stronger foundation for their future,” Liedtke added.
He pointed to research indicating that talking about finances not only builds confidence but also
has tangible, positive impacts on financial outcomes.

“Young adults in Outaouais need more than just access to credit,” said Marc Rouleau, a
Licensed Insolvency Trustee at Doyle Salewski Inc., who frequently collaborates with
community initiatives on financial education. “The real value lies in having the confidence and
knowledge to manage that credit responsibly. A lot of young people don’t realize how quickly
missed payments and high credit utilization can impact their scores.”

Rouleau explained that many young people inadvertently harm their credit due to a lack of
guidance, often misusing credit cards and carrying high balances without understanding the
impact on their financial health. “Ideally, they should keep their credit use under 30 to 50 per
cent of the limit,” he said. “On a $1,000 credit card, for example, that means carrying no more
than $300 to $500 in debt if possible. This is one of the most effective ways to maintain a
healthy credit score.”​

Online, the FCAC’s: www.canada.ca/en/financial-consumer-agency.html , provides free
budgeting tools and resources to help Canadians strengthen their financial resilience. This
month, the FCAC encourages everyone to take one small step, whether by checking their credit
score, using budgeting apps, or exploring financial advice on trusted platforms, such as the
ACEF Outaouais’s website: acefo.org or Doyle Salewski: doylesalewski.ca, where Marc
Rouleau and his team offer personalized financial guidance.

“Financial literacy isn’t just about budgeting; it’s about long-term planning, protecting yourself
from scams, and knowing your rights,” said Rouleau. “We’re hoping that this month of focused
attention will bring lasting change for young adults and set them up for a more secure financial
future.”

Photo: Young adults in Outaouais, facing high debt and rising living costs, are turning to
financial resources from organizations like FCAC and ACEF Outaouais, with expert guidance
from professionals such as Marc Rouleau at Doyle Salewski, to build financial confidence and
resilience during Financial Literacy Month. (TF) Photo: courtesy of Doyle Salewski Inc.