Rising costs for groceries and essential goods are more than an inconvenience for aging Canadians — they are a direct threat to financial security.
This article was originally published on March 4, 2025, by National Newswatch.
Punishing tariffs against Canada have sent shockwaves through our economy, igniting widespread fears of inflation, job losses and slow economic growth. While our political leaders have unified to stand firm against these measures, the real impact will be felt in households across the country. Rising costs for everyday essentials like food, fuel and medications affect everyone — but aging Canadians, who are more likely to live on fixed incomes, have more to lose from these misguided, far-reaching tariffs.
Canada is home to 7.8 million people aged 65 and older — nearly one in five Canadians — and this number is growing rapidly. Rising costs at the grocery store and for essential goods are more than an inconvenience for these members of our community — they are a direct threat to their financial security.
Many older Canadians live on retirement income, Old Age Security (OAS) payments and carefully budgeted retirement savings. In the spring of 2024, one in four seniors reported that rising prices were greatly affecting their ability to meet day-to-day expenses. If tariffs and counter-tariffs drive up prices on daily essentials, many aging Canadians will struggle to keep up.
Tariffs imposed by our closest trading partner will not only disrupt the current economy but could also create a long-term drag on growth that lasts for years. Retirement security is a fundamentally intergenerational issue. In twenty years, the over-65 population is expected to reach 11 million. Retirement security impacts not just today’s seniors but also the millions in Generation X who are planning for their retirement, as well as younger Canadians who care for their aging parents and grandparents. The choices we make today to protect retirement security in the face of crippling tariffs will impact all Canadians, not just those over 65.
For many seniors, the effects of tariffs on essential health care and access to necessary medication are of particular concern. For some aging Canadians, daily non-negotiable expenses include critical medications. Historically, medical equipment and medications have remained exempt from trade disputes, yet the current unpredictability could put this at risk. Given that many supplies and medications cross several borders before they reach store shelves, it is essential that we stand proactively together to ensure their accessibility and affordability.
If imposed, the effects of tariffs will ripple out well beyond directly targeted industries like auto and steel manufacturing. A weakened economy means lower consumer spending, reduced investment and slower job growth. While the repercussions will universally impact Canadians, they are especially damaging for those who are about to retire but instead must remain in the workforce to make ends meet.
It is unconscionable that those who have worked hard their entire lives to build a stable retirement should find themselves worrying about their savings eroding because of poor political decisions originating outside our borders.
As we move forward as a nation, we must prioritize a trade response that focuses on affordability and financial security to safeguard the interests of all Canadians, while paying special attention to the unique needs of aging Canadians. The federal government’s economic strategy must be forward-thinking, inclusive and designed to strengthen the resilience of our communities and economy.
We can work together to build a future that protects all generations, empowers communities and keeps affordability within reach for all Canadians. With smart policy decisions, we can stand firm, thoughtful and united, because when seniors thrive, so too does Canada.
Anthony Pizzino, CEO, National Association of Federal Retirees