CHARLOTTETOWN – Tory finance critic James Aylward says he's concerned about the number of Island Seniors struggling to pay for life after retirement.
The Canadian Association of Insolvency and Restructuring (CAIRP) recently indicated the insolvency rate for individuals aged 65 and over are the highest in the country. CAIRP said this is due to increased living costs and a lower return on investments which are forcing seniors to borrow more money than ever before.
Aylward said he has heard from many Island seniors who are struggling to pay for basic needs and are worried about their financial future.
“The rising cost of living in P.E.I. is making it next to impossible for our Island seniors to finance their retirement,” said Aylward. “Seniors on a fixed income are coping with increased gas and electricity prices due to HST, over 300 fee hikes and the highest tax rates in the country. It is a perfect storm leading to personal bankruptcy.”
Aylward wants the province to take action to support Island seniors.
“It is irresponsible for the Treasurer to allow Island seniors to be pushed towards personal bankruptcy because of his overspending and mismanagement,” said Aylward.