30 September 2019

However, the worries about recession have become stronger recently, supported by an inverted yield curve when longer-term interest rates are lower than shorter terms. Moreover, real estate prices are on the rise again in most parts of Canada even amid cooling measures introduced in 2018.

“More Canadians in their 40s and 50s are financially not ready for retirement or unexpected costs,” -Jones noted. “As a result, they may have to rely on debts more when it comes to covering the living expenses.”

A growing number of Canadians say that younger generations will need to work longer in order to make ends meet (82% vs. 75% in 2018). The number was also up from 64% to 69% in case of those who believe they won’t have enough for their retirement even if they try to save.

“The previous several years have been quite difficult for Canadians,” – BDO said, noting we may see more issues in the nearest future. “In case we want to change the tendency, the Canadians need to search for more ways of coping with their debts and reaching the future financial goals.”