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Millennials set to face most economic pain in months ahead: RBC report

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Canadian millennials, particularly those who own a home, are set to face economic hardship in the months ahead amid steep interest costs and higher debt loads, according to a new report from the Royal Bank of Canada (RBC).

Rising interest rates are set to ratchet up the pain on millennials and younger Generation X adults, RBC argues, leaving them especially vulnerable to job losses should the economy slow sharply in the months ahead.

Many millennials also have large debt-to-disposable income ratios, especially those who are new homebuyers taking on mortgages. That leaves them especially at risk in the event of a faltering economy, RBC finds.

Global’s Anne Gaviola speaks with Brett Chang on The Peak podcast about the economic pain facing millennials, Nvidia’s surging stock, and how social media upheaval is benefiting LinkedIn.

For more top business and tech news, visit The Peak Daily at https://readthepeak.com/shows/the-peak-daily

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Category
U.S. & Canada
Tags
global news, The Peak, interest rates
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