#under 35s

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Canada’s Under-35s Fall Far Behind in the Wealth Race

"The big story in the release of data from this week’s Survey of Financial Security from Statistics Canada was that the median net worth of Canadian households has been increasing very significantly."

"The other story buried in the numbers is increasing inequality between older and younger Canadians."

"Looking at changes between 1999 and 2012, the median net worth of households headed by a person under age 35 rose just 9 per cent, far less than gains of about 50 per cent for those in the 35-to-64 age groups, and 70 per cent for households headed by a person over 65."

"And the under-35 households are getting deeper into debt. Between 1999 and 2012, the median assets of households headed by people under 35 rose by 14 per cent, but the median debt of such households rose 61 per cent."

"The recent housing boom may have boosted wealth and modestly reduced wealth inequality from a very high level. But younger Canadian families are being left behind."

The Globe and Mail, February 28, 2014: "Canada’s under-35s are also-rans in the wealth race," by Andrew Jackson

Statistics Canada, The Daily, February 25, 2014: "Survey of Financial Security, 2012"