Millennials set to face most economic pain in months ahead, RBC says. Here’s why

📆 8/23/2023 6:31 PM
📰 GlobalCalgary

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Millennials who are saddled with debt such as costly mortgages might well bear the brunt of higher interest rates in the months to come, a new RBC report argues.

to 184.5 per cent in the first quarter of 2023, up from 181.7 per cent last quarter. That means there’s $1.85 in credit market debt for every dollar of household disposable income.

The problem, Freestone explained, is that incomes haven’t kept pace to absorb the pending mortgage shock. The average hourly income has risen 12 per cent since the start of the pandemic, marking less than half the expected jump in mortgage payments.The end result? RBC expects that consumption in this middle demographic will take a substantial hit this fall, particularly if millennial and younger Gen X workers are struck by job losses.

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