Dealing with debt is hard. And a new study from Manulife Bank of Canada has revealed that two out of every five people owing money in Canada actually expect to die before paying it off. The report found that while many Canadians in debt are spending money much faster than they can earn it, millennials are managing to control theirs by effectively utilizing technology.

On Friday, Toronto-based Manulife Bank of Canada released its fall debt survey, which found that virtually all Canadians (94%) think the average household has too much debt.

The report also found that more than half (55%) of the survey's participants currently have "considerable" non-mortgage debt, which has increased by 9% since spring.

Additionally, 60% of respondents say they have credit cards carrying a balance, which has significantly risen from 48% earlier this year.

Canadians' spending is also outpacing their income growth, with only 12% saying their earnings are increasing faster than their spending.

Rick Lunny, president and CEO of Manulife Bank, described these trends as "a financial wellness crisis," which is "affecting Canadians of all demographics."

However, while 40% of indebted Generation Xers admit they don't expect to pay things off in their lifetime, millennials are managing to keep on top of their spending by effectively making use of modern technology.

While millennials are also struggling with money owed, the Manulife survey reports that their income is actually increasing faster than their spending.

More significantly, the study shows that people aged in their 20s and 30s are using technology to control their finances — and it's working.

Three in four millennials said it was important to them to have access to financial plans online, preferably through an app. Over half of indebted millennials who felt in control of their situation indicated that technology has helped them.

A similar study from CIBC earlier this year found that debt remained a genuine concern for Canadian millennials, with more than half (55%) admitting that their number one life goal is to pay theirs off.

CIBC found they're pushing aside their dreams for more practical goals, with the top priority being paying everything off.

In fact, of all the Canadians polled, more than 41% of people said that practical goals are more important to them than "indulgent" ones.

Manulife Bank's research concluded baby boomers are currently in the best financial shape out of the three generations surveyed, while Gen-Xers are actually in the worst.

Unsurprisingly, Gen-Xers and millennials are struggling more than baby boomers ever did, but our technology-use might just be what saves us!

Additional information and the full Manulife Bank study can be found by clicking here.

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