Given 25 years of stagnant wages for middle-income earners and real wage decreases for lower-income earners, it's not surprising how difficult it is for people to save. Canadians have a low, and declining rate of saving, with some people using their Registered Retirement Savings Plans (RRSPs) as unemployment insurance programs.
Santa is a senior. My guess is he never had a defined benefit pension and needs the extra cash. He knows that although Canada has made great strides in eliminating seniors' poverty, too many of our older adults still live a low-income lifestyle, especially in major urban centres where costs of living are high. This Christmas season, I urge you to remember and reach out to the elders in your life.