A new study suggests it’s more difficult for people to borrow when they’re too broke to pay back the debt they’ve accumulated.
The research from researchers at UBC and the University of Toronto suggests people are more likely to borrow if they have low credit scores, while those with high scores are more willing to take out loans if they can earn more money.
In addition, they found that people with high credit scores are less likely to take part in debt collection schemes.
Read more:Study: More than a quarter of Canadians have no savings in retirement account article In Canada, according to the Canadian Credit Association, a savings account is the preferred method of saving for retirement, as it allows the person to maintain a positive balance, with no need to worry about paying off debts.
But there are other ways Canadians can save for retirement.
Some are also able to set aside money for other expenses.
For example, if you’re in a job that requires you to pay a certain amount each month, a small percentage of your monthly salary can be put towards your retirement account.
And if you have a low income, a percentage of that income can be invested in your retirement savings.
The research found that those with lower credit scores were less likely than those with higher scores to be willing to put money towards retirement, and were less willing to borrow.
Those with high debt scores were more likely than their lower-credit-score counterparts to be in a position to take advantage of those types of opportunities.
“While the findings suggest that people are likely to be less willing than those who have lower credit score to take up more debt, it’s also clear that if you live in a place with a high cost of living and a low rate of unemployment, there are better ways to keep your savings and retirement expenses balanced,” said David Tarrant, a senior lecturer in the department of management and entrepreneurship at UB’s Sauder School of Business.
“For example, it would be beneficial for a person to look into whether or not there are opportunities to save that would benefit their financial situation and their future financial outlook,” Tarrants co-author and associate professor of finance at UMB Sarah Pinto said.
The findings were published in the latest edition of the Canadian Journal of Finance.
The researchers analysed data from 1,400 Canadians over the course of five years.
Their findings showed that those who were younger than 50 years old, had lower scores on the Credit Score Check, were more willing than their older counterparts to borrow, and that those in their 50s were more prone to taking out loans than their younger counterparts.
“We see a lot of people who are in a financially difficult position, where they don’t have any savings or they don