With inflation at its highest level in nearly 40 years, Canadians are feeling the financial strain. Canadian Press interviews people in different stages of life in his six-part series this summer to find out where they're hit hardest. This story details the experiences of middle-aged adults and their families.
Myron Genyk said he didn't think much about food prices a year ago.
But the father of his three children, now 43, is suffering from sticker his shock as the family's grocery bills are ballooning.
"No. 1 is more food," says his Genyk, an entrepreneur from Mississauga, Ontario. “My kids are growing, so they're eating more, but food prices are skyrocketing.”
With inflation rising at its fastest pace in almost 40 years, , the cost of everything from food to gas is skyrocketing.
Canadians across the country feel pressured, but large families with multiple children may bear many of the higher costs. Some are also more exposed to inflation than previous generations due to changing demographics and consumer patterns. Some are facing, others are helping older kids with their college tuition or buying their first home.
Some face increasing costs associated with helping aging parents.
And then there's the so-called sandwich generation, who are doing both.
"Some people still have children at home and are taking care of their aging parents," says bankruptcy firm Bromwich and Smith's community her engagement with her partner, Elena Jara. said.
"Inflation only makes it harder." I have benefited. However, this pattern is changing as milestones occur later in life for many Canadians.
Around the age.
That means mid-career Canadians are more likely to have large mortgages and higher interest rates.
Canadians also have children later in life. Over the past 50 years, the average age of a first-time mother has risen steadily, from her 22.6 in 1969 to her 29.4 in 2019. Almost half of young people in Ontario cities such as Toronto, Oshawa, Windsor and Hamilton live in the same household as at least one of her parents, according to new census data.
As such, the parent's age range ranges from approximately 40 to her 60, and may be more likely to bear more of their daily expenses or be unable to scale back.
Rebecca Young, Vice President and Head of Inclusion and Resilience Economics at Scotiabank, said:
Rising costs may also cause Canadians to cut back on savings at the breadwinner's age and delay paying for living expenses in retirement, she said.
But for low-income Canadians, who spend much of their disposable income on necessities, inflation is getting worse, Young said.
This situation has made Canadians feel increasingly pessimistic about their finances, according to a number of recent surveys. According to survey respondents, more than half of Canadians over the age of 55 said they have postponed retirement due to rising inflation this year alone.
Another survey by TransUnion Canada found that 60% of Canadians are not optimistic about their household finances in the next 12 months, and nearly a third will not be able to pay their bills in full in the future. The moon I'm worried about.
For his Genyk, who runs his own bay-his-street wealth management firm, he hopes high inflation will be a "temporary dip" in his finances.
Still, he feels pressured by rising prices.
"I'm definitely spending more money on basic commodities this year than I did last year," says Evermore, a Canadian wealth management firm focused on accessible retirement. said Genique, his CEO and co-founder of investment.
"This has a direct impact on retirement savings."
Inflation is also shaping his spending habits and even his vacation plans.
For example, the Genyk family is planning a trip to the Rocky Mountains with his three children aged 7, 11, and 13.
A few years ago the family flew to Calgary and in a van he paid $1,900 for two weeks.
This summer, the rental fee for the van was his $8,000.
"We got creative and found that if we went to Edmonton, we could rent his 5-passenger SUV for a much more affordable price," he said.
"As your family grows, you also need more space. When you get a hotel room, the days of having a pop-up crib in one room are over.
This Canadian Press report was first published on August 10, 2022.