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Recent fluctuations in global financial markets, compounded by the unpredictable economic policies of U.S. President Donald Trump, are significantly impacting the lives of many seniors in Canada. With fixed incomes and diminishing savings, a growing number of elderly individuals are struggling to meet essential expenses such as groceries, rent, and medications.
“Currently, the rising costs associated with groceries, rent, mortgages, and utilities are becoming progressively harder to manage,” stated Suzanne Tredger, a Calgary resident who has relied on her past investments for the last decade. “Every month it feels a bit tighter. The volatility of tariffs and the stock market creates a sense of fear.”
Tredger shares living expenses with her daughter, who is also attempting to save for her retirement. “We’ve switched to buying frozen vegetables instead of fresh ones to avoid waste, reduced our meat consumption, and minimized portion sizes. I used to travel every year, but that’s not an option this year,” she explained.
At the Kerby Centre in Calgary, a food bank has become a vital resource for seniors facing hard choices between purchasing food and necessary medications. Larry Mathieson, president of Unison, which manages the centre, highlighted the increasing demand for assistance among the senior population. “Over the past five years, we’ve observed a consistent rise in requests for our services, including the food bank and housing assistance. The current U.S. political situation has worsened these issues,” Mathieson noted.
The Kerby Centre is set to have approximately 4,600 seniors participate in its financial planning courses this year, designed to aid those struggling with their finances.
Nadine Bertin, a volunteer with the centre, pointed out that many seniors are on fixed incomes while the cost of living continues to soar. “The rent for a one-bedroom apartment has surged to about $1,700 monthly from $800 just two years ago—a staggering increase of over 100 percent. Many seniors live paycheck to paycheck,” she remarked.
The financial instability of global markets is also affecting charitable donations to the Kerby Centre. As the demand for services rises, the center finds itself facing a dip in contributions as potential donors prioritize their own financial security. “We’re at a point where the need for support is at its peak, yet public donations may drop significantly,” Mathieson stated. “Some senior centers could risk insolvency this year due to these financial strains.”
Source
globalnews.ca