A Privy Council report predicts Canadians will become poorer over the next five years, potentially causing a national mental health crisis.

“Downward social mobility is the norm,” said the report Disruptions On The Horizon. The collapse of the middle class and people being unable to afford to live on their own were listed as likely disruptions in the near future.

An RCMP assessment adds that many young Canadians under 35 can't afford housing and that the situation may worsen over the next five years.

“The coming period of recession will … accelerate the decline in living standards that the younger generations have already witnessed compared to earlier generations,” it reads, warning of “increasing mistrust of all democratic institutions.”

“A Privy Council prophesy of doom.”

PODCAST: Canadians to become poorer over 5 years, according to @PrivyCouncilCA report

“We’ve seen thousands of memos & reports, but have never seen a report like this written by the bureaucracy”https://t.co/JIy7azRrXX pic.twitter.com/MK9m9Uzkln

— Blacklock's Reporter (@mindingottawa) April 7, 2025

Disruptions stated that Canadians are facing insecure work and unaffordable housing, which could lead to lower socioeconomic conditions for future generations.

The report indicated that people may lose trust in governments to help them achieve social mobility, especially in housing, education, and cost of living. Those facing multiple barriers may be even more disadvantaged, reported Blacklock’s.

The report also warns that increasing wealth inequality could lead to resentment and demands for wealth redistribution, while worsening mental health and socio-economic conditions for those who lose hope.

This follows a confidential Department of Finance poll, which found growing resentment against “the rich,” as most expect growing financial hardship moving forward.

Overall Canadians complained about the terrible economy, with then-Finance Minister Chrystia Freeland raising the national debt ceiling twice in three years. 

“Here we care for one another,” she previously said, appearing aloof to the runaway debt. “We are turning to our younger generation and those who care about them to say, ‘Our government is at your service.’”

WATCH: @SheilaGunnReid discusses the Trudeau Liberals spending hundreds of thousands of dollars on 'affordability retreats' while the Canadian middle class struggles to get by.

MORE: https://t.co/xiHIWbxLUi pic.twitter.com/dzKQXJqRI6

— Rebel News (@RebelNewsOnline) June 29, 2024

Policy Horizons Canada, a Privy Council agency, surveyed some 500 unnamed stakeholders, colleagues, and foresight experts within and outside the Canadian government to predict potential future disruptions in Canada.

Kristel Van der Elst, director general of Policy Horizons, stated that the forecasts in the report were not farfetched and emphasized the importance of exploring possible disruptions and anticipating potential future scenarios, as even seemingly distant events can suddenly become reality.

Meanwhile, Bank Governor Tiff Macklem warned that U.S. tariffs could lead to higher inflation and weaker economic growth in Canada, noting that while the impact is uncertain, a trade war would hurt economic activity, increase retail prices, and leave little room for counteracting both lower growth and higher inflation simultaneously.

A TD Bank Group survey found that 77% of parents are most concerned about their children's ability to buy a home. Other concerns include saving enough for retirement (57%), food costs (53%), and supporting a family (49%).

About a third (36%) worry they will never enjoy the standard of living their parents did, with 29% of Canadians less than $200 away from insolvency.

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