There are two ways of seeing quality decline. One is that you lose high-quality jobs or you gain low quality jobs, and that is exactly what's happening.

Granted, a low-quality job is better than no job, but the headline employment figures exaggerate the real strength of the Canadian labor market.

The practical implication of this environment is that young Canadians must start saving very early in their lives, compared to previous generations in order to realize the same inflation-adjusted return on their savings. Our findings suggest this is not happening.

Canadians of all age groups are not saving enough actively by putting money aside for a rainy day. How much savings is enough is a matter for debate, but most Canadian households would likely benefit from building a little nest egg.

People see what happened in Louisiana, and all the people over there that the government was not able to take care of.

So I will not be surprised to see consumption of other items going down, like people taking less vacations, spending less on furniture, or any other items that are non-essential.