Debt-ridden millennials face biggest pain if economy sours.

Canadians have been feeling the strain of higher interest rates and inflation across the nation but as a recent report from RBC points out, some more than others.

Older millennials and younger members of Generation X, who have seen their debts swell to record levels in recent years, are most vulnerable to job losses, writes RBC economist Carrie Freestone.

“The millennial generation has in many ways been defined by its staggering high household debt,” said Freestone.

The pressure, unfortunately, is only going to get worse. The Bank of Canada has raised its interest rates from 0.25 per cent to the 22-year high of 5 per cent and may not be finished yet.

Canadians with mortgages coming up for renewal in the near future could see their monthly payments rise by 25 per cent, she said.