Canadian millennials are experiencing more debt than ever, and their earnings aren't catching up fast enough to help them make a dent in their paym...
Canadian millennials are experiencing more debt than ever, and their earnings aren't catching up fast enough to help them make a dent in their payments., which highlights that Canadian millennials and younger Gen Xers are in for a stressful financial future thanks to high interest rates and a volatile job market.
Rising interest rates could see Canadians renewing their mortgages face a staggering 25 per cent increase in their monthly mortgage payments by 2024. On the other hand, Canadian boomers are experiencing less stress overall when it comes to their financial situation. Boomers and older Gen X Canadians also have accumulated more interest-earning assets, which safeguards them when it comes to unexpected financial situations, such as job loss.
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