Financial security is a priority for most Canadians, ranking near the top of life goals along with good health and strong family ties. Individuals and families typically build up their assets over the course of their careers and then draw these down when they stop working. For most people, funding a comfortable old age with accumulated wealth depends on having few or no liabilities as retirement approaches.

Statistics Canada’s Survey of Financial Security provides valuable insights into the state of household finances across the country, with a particular focus on the mix of assets and liabilities among different demographic sub-groups.

The most recent survey covers the period ending in 2023. Several highlights emerge from the reported data.

Total household assets amounted to $19.2 trillion in 2023, with principal residences accounting for $7.3 trillion and pension assets for another $4.5 trillion. (Note that government pension schemes such as CPP and Old Age Security are not included in pension assets). Real estate other than principal residences chipped in another $1.8 trillion. The other asset categories tracked by Statistics Canada are non-pension........

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