The recent turmoil on global financial markets, combined with the unpredictability of U.S. President Donald Trump and his tariffs, is wreaking havoc on the lives of many Canadian seniors.
With many on fixed incomes and facing shrinking savings, their ability to afford necessities like groceries, rent and medications is being eroded, forcing some seniors to make difficult choices.
“Right now, the increased cost of living, buying groceries and paying rent, a mortgage, electricity, utilities, that type of thing is getting more and more expensive,” said Suzanne Tredger, who for the last 10 years have been living off the investments she made earlier in life.
“It gets a little tighter every month. Then with the tariffs and the stock market going insane, bouncing up and down — it’s scary,” added Tredger.
Caglary’s Suzanne Tredger said it’s scary to watch the financial markets bounce up and down, along with the value of her retirement investments.
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Tredger shares a home with her daughter — who is able to help with some of the expenses – but she too is trying to save money for her future retirement.
“We’re buying frozen vegetables instead of fresh, because they don’t go bad, we’re not eating as much meat, we’re cutting back on portions, we are cutting back on a lot of grocery items,” said Tredger. “I used to travel every year, but I’m not doing any trips this year.”
A food bank run by the Kerby Centre in Calgary where advocates say they’re hearing of many seniors being forced to choose between buying food or the medications they need.
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For Larry Mathieson, president of Unison, which operates the Kerby Centre in Calgary — a community resource centre for seniors — helping those struggling with their finances is a growing problem.
“The last five years, we have seen kind of a steady increase in the demand for our basic needs services — our seniors food bank, our food security programs, assistance with housing, getting into housing — and I think this situation with the U.S. presidential administration has really kind exacerbated that situation,” said Mathieson.
Calgary’s Kerby Centre expects about 4,600 seniors to take part in its financial planning courses this year.
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The Kerby Centre also offers financial planning courses to help seniors struggling to make ends meet.
About 4,600 of them are enrolled in the program this year.
Nadine Bertin is one of the volunteers. She said with many seniors on a fixed income — and the rent for one-bedroom apartment costing about $1,700 per month — there’s not much left for other after.
“Two years ago that same rent might have been $800 a month. It’s now over a 100-per cent increase, so those people just live from paycheque to paycheque,” said Bertin.
For the Kerby Centre, which relies a lot of volunteers and donations, the volatility of the global financial markets also means while demand is up, donations are down — because potential donors are also worried about their own financial future.
“We’re reaching a time where our demand is highest, but the public support can be the least,” said Mathieson.
“I see organizations, some other senior centres, they are struggling and it’s entirely possible some of these organizations will become insolvent this year.”
