Demographic disruption coming to Canada
Demographic disruption coming to Canada
01 Jan 2020

Demographic disruption and climate change: two of the biggest disruptors of the next decade in Canada. “Canadians are living longer and having fewer babies. Add the advancing age of the baby boom cohort, and Canada is set to join a growing club of super-aged societies. By the end of the decade, close to one in four Canadians will be seniors, up from 17% now.” states a new economic report by the Royal Bank of Canada.

The report suggests an older population will present society with many challenges, including rising health-care costs, benefits, and an increased pressure on a smaller proportion of ‘working-age’ Canadians to shoulder the financial burden (projected to fall to 1.7 for every youth and senior by 2030, down from 2.3 in 2010). Meanwhile, the slowing growth of the labor force will cause the participation rate (proportion of ‘working-age’ Canadians in work) to reduce from 65% today, to 62% in 2030.

Click here to view the full report.

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