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.
Must have been written by a millennial.
Wage suppression by big companies. They say the market wont bear any more while they are the market...the rich. Billions go offshore to tax havens degreed workers held to $45k whike rents soar to $2500
It doesn’t help when people max out their multiple credit cards and buy dumb stuff with it just to impress others. Live within your means and invest in physical and liquid assets.
Millennials are the architects of their own problems. They expect to start their adult lives where their parents worked years to achieve. They want everything now without the years of sacrifice that the Boomers / Gen Xs had to face before achieving comfortable lifestyles.
I feel so old when I think of my response to this. When I was younger (17-25) I had shitty jobs with shitty wages but I knew, the harder I worked, the more I’d make. I had debt. Horrible debt until I was 30. But then you’ve sorted it out. Isn’t that the way it’s supposed to be?
Overly educated and lazy.
Elections have consequences.
The natural outcome of voting for virtue signaling Liberals instead of grounded economic policies. Another generation has learned why older folks stopped voting Liberals once they started working.
Debt is self imposed so I assume that they're the least able to manage their finances.