this post was submitted on 24 Aug 2023
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Millennials set to face most economic pain in months ahead, RBC says. Here’s why - National | Globalnews.ca (globalnews.ca)
submitted 1 year ago by avidamoeba@lemmy.ca to c/canada@lemmy.ca
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Older millennials, adults aged 35 to 44, had debt-to-disposable income ratios around 250 per cent in 2019, while Freestone noted that metric was roughly 150 per cent for the same age group in 1999.

Can confirm we're sitting around 250% but this is after exercising significant restraint to not take on as much mortgage as the banks would have given us. Everyone I know who bought over the last couple of years went all out and I can't imagine them being any lower than 300-350%.

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[–] cygnus@lemmy.ca 19 points 1 year ago (1 children)

I don't think that's the case here:

Royal Bank’s wealth-management division bore the brunt of the reductions in the second quarter, according to filings. The unit’s headcount plummeted by almost 1,300 in the quarter, when the company sold a European asset-servicing business to a joint venture of Credit Agricole SA and Banco Santander SA. That countered a 667-person increase in Royal Bank’s capital-markets division.

https://financialpost.com/pmn/business-pmn/rbc-plans-to-trim-jobs-as-ceo-mckay-vows-more-cost-cuts-to-come

[–] ITypeWithMyDick@lemmy.world 14 points 1 year ago* (last edited 1 year ago) (1 children)

Im going to upvote just because you provided a link to backup your argument. Need more of that.

Edit: Just thumbed through the report, and based on my experience my above scenerio is still likely what is happening as well. Amount of work wil remain the same, but fewer people to do it.

[–] cygnus@lemmy.ca 9 points 1 year ago

Maybe. It's probably tone-deaf of me to say this, but in my experience "wealth management" advisors are glorified salespeople who funnel people into their bank's overpriced mutual funds. Those people deserve the chance to a good livelihood, but that particular job is not great (and I would never suggest that people see a bank for investments to begin with).