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One-third of Canada’s seniors who borrow or pay mortgages have a hard time paying invoices.

In addition to struggling to pay rent and mortgages, older people struggle to buy basic necessities. Credits: Shutterstock

Seniors I was forced out of my house due to a rise in rent..They have a problem Find new, affordable accommodation..And the rent of housing for the elderly is More than the pension pays..


According to recent research, these are not isolated incidents. Many older Canadians who borrow or pay mortgages have a hard time earning income.

In September 2021, we Angus Lead Forum Survey over 4,000 people. We asked people across Canada between the ages of 65 and 85 about their recent financial experience. Whether they had problems paying invoices or essentials, and whether their debt increased.

And our results were consistent and worrisome.

Reduction

Many older people have a hard time paying bills. More than one-third of older people who borrow or pay mortgages report problems paying invoices, but only about 12% of full homeowners struggle with invoices. rice field.

And they aren’t just suffering from rent and mortgages. Older people also struggle to buy basic necessities such as food. I asked people about less meals than I expected because I didn’t have the money. More than a quarter of renters and almost one-fifth of those paying mortgages reported eating less. Meanwhile, less than 10% of Canadian homeowners also reported food cuts.

Medical care is also a big problem. Due to Canada’s publicly funded health system, it may seem that older people should not have a hard time paying for their health care. However, many still do so, and home payments are a major risk factor.

We asked people if they would delay or skip medical care or prescriptions due to costs. About 13 percent of full homeowners told us they have. It was almost double for those who pay mortgages, and even worse for those who pay rent. About one-third of Senior The renter had a hard time buying medical care and prescriptions.

The finances of older people who borrow and pay mortgages also deteriorated during the pandemic. Over 30% have reported increased debt over the past year. Although only about 12 percent of full homeowners reported greater debt.

Suppression of rent

The financial plight of lessees and mortgage holders can be an even more pressing issue.Larger group of People are entering their senior yearsWhile there are more elderly people Debt burden than in the past..

Some states are trying to address these issues by controlling rent increases.State like British Columbia, Ontario, Nova Scotia, New Brunswick When Prince Edward Island (PEI) Limit the amount that the landlord can raise the rent. These limits are usually 1-2 percent.

However, rent management alone is not enough.Even a slight increase when finances are growing very thinly housing Costs can be a serious threat Financial stability..Rent management also doesn’t help people who pay mortgages mortgage-Holders are subject to fluctuations in interest rates that may increase the required payments.

Building more homes is unlikely to be a solution, as housing supply is the only factor in home prices. The landlord also needs to collect enough rent to cover the cost of building and operating the rental housing. rent Even if a new rental property is built, it may decrease.

This is more direct subsidy Helping the economically vulnerable elderly may be a better solution.. Financial support helps older people not have to choose between placing a roof overhead or food on a table.

Financial support

The Federal government We are taking steps to help the economically vulnerable elderly. Support for people over 75 years old Increased by 10% in July 2022.. However, this change does not help anyone under the age of 75.

Nevertheless Government support For low-income seniors Has been increasing in recent years, That’s obviously not enough. And financial shortages have forced many older people to make tough decisions about being able to meet their homes and other needs.

Canadians need to take steps to successfully deal with the financial instability of older people. Otherwise, Canada may encounter an increasing trend of desperate older people in the near future.


Rents and mortgages associated with poor health in the early stages of a pandemic


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Quote: One-third of Canada’s elderly borrowing and paying mortgages were obtained from https://phys.org/news/2022-02-one-third-canadian- on February 21, 2022. I’m having a hard time paying my invoice (February 21, 2022). Elderly-rent-mortgage.html

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One-third of Canada’s seniors who borrow or pay mortgages have a hard time paying invoices.

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