Why millennials in Canada are hardest hit by debt: ‘Living on the edge’
Insolvency trustee Doug Hoyes encounters a lot of Canadians with money troubles, but he’s become particularly sympathetic to the plight of young people who find themselves financially underwater.
“I think there’s a whole bunch of whammies that have hit millennials.” Hoyes said. “The CERB was the final straw that broke the camel’s back.”The 2022 Joe Debtor study examined 2,700 personal insolvencies filed in Ontario. Hoyes Michalos says 49 per cent were filed by millennials aged 26 to 41, even though they make up 27 per cent of adult Canadians.
Housing prices were more in step with wages. Tuition fees didn’t necessitate student loans, allowing graduates to enter the workforce and start saving and investing out of the gate, rather than having to service large debts for years after completing their education.“Anything goes wrong like a pandemic, or you lose your job or you get sick or you get divorced and boom, there is no safety valve there,” he said.
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