It’s a negative effect of more people carrying debt into to their golden years.
Seniors are making up a higher percentage of those filing for bankruptcy in Canada.
In 2010, people over the age of 65 accounted for just 8.3 per cent of bankruptcy filings, according to numbers released by Industry Canada.
In 2014, that spiked to 10 per cent — a 20.5-per-cent increase.
There’s an even bigger jump here in B.C.
Seniors account for 10.9 per cent of insolvency files, up from 8.9 per cent in 2010.
Government has repeatedly warned that consumers are carrying too much debt.
You can see the full list of statistics here.
A recent Statistics Canada report notes more than 42 per cent of seniors still had debt — a whopping 55-per-cent jump from 15 years ago.