Reflect on the changes in savings account interest rates and their impact on personal financial goals and the current economic situation. Also, comment on the GDP to debt ratio trend.
When I was a teen my cheap little Savings Account at ScotiaBank got me 8% interest... Anybody remember those days??? What that was to me, was an incentive to work hard and save save save, so one day I could have a big old wad in the bank and get some passive income off it. Now of course, that incentive has vanished, and houses maybe have replaced that scheme? Now, if the interest rate should rise by even 1.5%, there's gonna be a lot of trouble in a lot of paradises out there. Just for the hell of it, check out our GDP to debt ratio and note the trend. Sustainability my arse.