With inflation rising to its highest level, Canadians are feeling financial pressures, especially those over the age of forty, as many elderly Canadians live on fixed pensions or depend on government benefits such as the Canadian Pension Plan, which – with its annual adjustment in January to counter inflation – has not kept up with the astonishing increases in the cost of living recently.

Elderly people are also worried about their investment portfolios, as inflation affects the stock market. And for those who relied on the equity in their homes to support their retirement, the rising interest rates and their impact on the housing market are a real concern: "Many seniors we see are going through this crisis – their investments or pensions have not risen, and their government benefits may eventually rise, but they are now waiting in oblivion, and the prices of everything have gone up," said Larry Mathison, CEO of the Kirby Center, a non-profit organization providing programs and services for seniors in Calgary and Medicine Hat.

As for Dorothy Pagan, who lives alone in her owned home in Calgary, she is already feeling the crisis; she canceled her cell phone and reduced cable TV, and she also keeps a carefully curated list when grocery shopping. She does not own a car, and although she uses public transport and volunteers in the community, her social life has become limited. In fact, Pagan said she recently decided to return to part-time work – not for the money, although that is a bonus, but because she needs to get out of the house. She said, "I love engaging and interacting with people... I love being outside and being part of things."

Dr. Tomlin Watts, a psychologist, explained that social isolation is part of the "downward flow effect of inflation." If seniors cannot afford the internet, they will not be able to connect with their families via Zoom or FaceTime. And if they cannot afford hearing aids or glasses, they have less ability to engage with the world. And if younger generations are busy working extra hours to keep up with their rising living costs, they are less likely to be able to check on their mom and dad.