Canadians are racking up more debt than ever, and aren’t saving enough. If that doesn’t change, they’re headed for trouble, warns AGF Management Ltd.’s chief executive officer.

Blake Goldring outlined his thoughts on savings, investment patterns and risk tolerance in a speech to the Economic Club of Canada on Wednesday. The mutual fund company CEO said record consumer debt levels, which hit an average of $27,485 per person at the end of 2012, could make mandatory savings a good solution.