How Might Gen Z Weather Its First Recession?
News Analysis
A Canadian recession in 2023 as some predict would be the first one outside the pandemic for Generation Z, one that could lead to defaults on unsecured debt but more maturity for their adult future.
Generation Z is the generation born between 1997 and 2012, whose members are now aged between 10 and 25, and follows the Millennial Generation, or Gen-Y, born between 1981 and 1996. The economic downturn of 2008 was prior to Gen Z’s working years, while the pandemic-related recession of 2020 included generous taxpayer-funded supports. However, another economic dip may be just ahead.
The Royal Bank, Deloitte, Desjardins, and even the Australian-based Macquarie Group predict a Canadian recession in 2023. David Doyle of Macquarie group told BNN Bloomberg on Sept. 30 that the recession “will be pretty severe in Canada” and “is almost inevitable.”…