This highlights why financial literacy might be important, though I don't want to detract from the fact that Canadians have been going through a very tough time with the high inflationary environment following COVID.
You also mentioned that people aged 35 years and under are the ones who are the most exposed to credit card debt. They would also probably be subject to variable rate mortgages—maybe more so.
Could you speak about how those things might be related?
My understanding, from talking to my constituents, is that anyone who is on a variable rate mortgage felt that pressure immediately when the Bank of Canada increased the rates. They probably went to non-mortgage credit card instruments to pay some of their bills, which would be a natural thing to do, I would think.