Is the Canadian economy marginalizing millennials?

A recent study from Statistics Canada details dangerous debt levels and a widening wealth gap

Andrew Willis 23 April, 2019 | 2:00PM

Millennials who have long complained of false financial starts in Canada may be getting some vindication as a recent study from Statistics Canada paints a grim picture of financial health among young Canadians.

The study “Economic well-being across generations of young Canadians: Are millennials better or worse off?” says dangerous debt-income levels, skyrocketing real estate prices, and a widening wealth gap are making it difficult for millennials aged 25-34 to get financial traction in Canada.

First, for a positive. Income levels are higher for millennials, on average $66,500 in 2016 compared to $51,000 for young Gen-Xers at the same age in 1999. This would suggest a potential for high savings and wealth accumulation. But that’s not the case.

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Andrew Willis

Andrew Willis  Andrew Willis is a content editor for Morningstar.ca.