Years of poor money habits and destructive financial advice have taken a toll on the majority of Canadian households. This is particularly evident for the over-50 crowd, where high living costs, coupled with insufficient savings, low-income yields, risky-investment products, lax-lending and longer life expectancy, have proven a toxic mix.
As stock and corporate bond-based retirement savings accounts move through the next bear market, the capital deficits revealed will be shocking and much larger than most now appreciate.
In most cases, downsizing living costs and/or maintaining active income (from business and employment) well into one’s ’60s and even 70’s, will be necessary parts of a sustainable financial plan. Borrowing against one’s home to try to sustain appearances by creating more debt, is nearly always the wrong approach. As explained in the following clips, default rates for Canadian seniors are already on the rise.
Findings by Equifax come amid a recent rise in reverse mortgages as senior Canadians struggle to make ends meet while trying to maintain a lifestyle in their home that may be beyond their means. Here is a direct video link.
Credit delinquency rates are on the rise in Canada, according to the latest Equifax Canada report. And as @PattieCTV reports, one demographic in particular is showing an “alarming” trend pic.twitter.com/RGVSBqw6dM
— BNN Bloomberg (@BNNBloomberg) September 17, 2019
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