Effect of High Cost of Living on Seniors Often Ignored

By Ian Welsman

News

It goes without saying that Canadians are now facing some of the worst long-term economic conditions in recent memory. Unemployment is currently at a rate of 5.7%, rising from the previous 3-4%. The higher unemployment rate paired with the increased cost of living is concerning for many Canadians. Money for rent, utilities, and food is becoming worrying even for the middle class. Canadian news outlets use this issue to create content and fill space. Politicians on both sides of the political aisle have given their explanations and have tried to absolve themselves from blame, and government parties continue to argue on the best plan of action for Canadians. One demographic group, however, has been ignored in this nationwide conversation. Senior Canadians have experienced countless recessions and economic booms over their lifetimes, but their voices are ignored in the current conversations about affordability. Seniors have to pay for rent, utilities, and food, like all other Canadians. Why are news outlets neglecting one of society’s most vulnerable groups? Let’s examine the facts. The average Canadian saves around $150,000 -$300,000 for retirement. The government is willing to give elderly Canadians around $750 per month in federal aid as part of the Old Age Security (OAS) program. Even with the aid and other various benefits, many seniors will fall below the poverty line. Various seniors have taken on multiple, small jobs after their retirement However, this is not ideal as the elderly can experience worse health and less time with their families. It’s retirement! It’s supposed to be when you forget work, put life on autopilot, have too much free time, and go on vacation every once in a while. But many cannot reserve enough money to make this expectation a reality and are forced to resort to working, surviving on pensions and savings.

The federal government’s attempts to address the situation- monthly aid payments- do not solve the growing issue of unaffordability in this country. The government has yet to express interest in genuinely helping seniors, doing nothing more than sending a small cheque every month. While inflation has been decreasing recently, it remains to be seen if the cost of living will change to make retirement worth looking forward to again.