Canadian millennials lagging behind past generations, report says

A new report says young people in Canada are lagging behind previous generations when it comes to their incomes.

The data, which was compiled by The Guardian in the U.K.

See Full Article

, shows a stark contrast between how much millennials make in comparison to their parents and grandparents.

While the average young person made wages above the national average in the past, that's no longer the case in the U.K., Canada, Germany, France, the U.S., Spain and Italy, The Guardian found.

In total, the newspaper looked at eight countries, and only youth in Australia appeared better off than their predecessors.

"In almost all of these countries we've looked at, except Australia, young people's incomes have grown less than the national average, which shouldn't really be the case," Guardian journalist Shiv Malik told CTV's News Channel.

Malik and his co-workers looked at families and couples and analyzed how their annual household disposable income has changed in the past few decades.

They then divided the households into different categories, according to the age of the "head of the household or spouse."

According to the data, household disposable income for those in the 70 to 74 age bracket has grown 16 per cent in Canada since 1987. In that same time, household disposable income grew five per cent for Canadians aged 65 to 69.

For those aged 25 to 29, however, household disposable income fell by four per cent.

This trend raises important questions about the gap between young and old, Malik said.

"Why are we keeping younger people with a massive burden?" he said. "Why aren't we allowing them to share in national growth like other age groups?"

Malik said a number of factors are holding millennials back, including low wages and globalization.

"We make young people compete on a global stage like never before," he said.

According to The Guardian, demographics, joblessness and rising house prices are also bringing down young people's prospects and limiting their opportunities.

Meanwhile, pensioners are living better than ever before, Malik said.

"You've got so many people who are just retired, not working, and actually pretty well off," he said. "That's never happened before."

Compared to Canada, the disparities between young and old are even more pronounced in other Western countries.

In the U.K., household disposable income has grown 66 per cent since 1979 in households that fall in the 70 to 74 age range. Meanwhile, it's fallen two per cent for 25 to 29 year olds.

And in Italy, where household disposable income went up by 20 per cent since 1986 for the 70 to 74 age range, income fell 19 per cent for those aged 25 to 29.

But the news isn't bad for young people everywhere, Malik said.

Outside of the western world, many young people are better off than past generations.

"There is a good a news story, which is that Gen Y-ers in China and India are doing better than ever before," he said. "That's that trade-off there."



Advertisements

Latest Canada & World News

  • Las Vegas shooting gunman fired over 1,100 rounds: sheriff

    World News CTV News
    LAS VEGAS -- The top lawman in Las Vegas says the gunman who killed dozens of people at a concert last month fired more than 1,100 rounds. The newly released estimate from Sheriff Joe Lombardo offers more detail about the deadliest mass shooting in modern U.S. Source
  • Arctic access: Inuit want to travel freely on waters between Canada and Greenland

    Canada News CTV News
    Inuit from Canada and Greenland hope to convince at least four governments to let them manage and travel freely over an international stretch of Arctic ocean that's one of the most productive environments in the North. Source
  • Libya promises to investigate slave trade allegations

    World News CBC News
    Libya's UN-backed government said on Thursday it was investigating the reports of slave trading that have caused international revulsion, promising to bring any perpetrators to justice. UN Secretary-General Antonio Guterres has been among world leaders expressing horror after footage broadcast on CNN of the bidding and sale of migrants seeking a better life. Source
  • Almost half of impaired driving fatalities are 'innocent victims': Ontario police

    Canada News CTV News
    ORILLIA, Ont. -- Provincial police say nearly half of the people killed in impaired driving crashes over the past 15 years were not the impaired driver. They say 987 people have died in alcohol or drug-related collisions on OPP-patrolled roads since 2003. Source
  • 'It's still not what it used to be': Alberta economy rebounds but unemployment remains sticky

    Canada News CBC News
    Retail sales continue to climb in Alberta while EI payouts continue to decline but the province's unemployment rate remains notably higher than the national average. "Right now, the Alberta economy … even though it's rebounding, it's still not what it used to be," said Pedro Antunes, deputy chief economist with the Conference Board of Canada. Source
  • Future of Grace Mugabe's farms, assets an open question in Zimbabwe

    World News CBC News
    For years, a group of Zimbabwean villagers resisted efforts by the wife of President Robert Mugabe to force them off a farm near the capital, enduring police raids and the demolition of their homes. Now that Mugabe has resigned, the farmers say they are able to move more freely in a blow to Grace Mugabe's efforts to expand her land holdings. Source
  • Children out of cancer treatment options offered hope by new Terry Fox program

    Canada News CBC News
    Seeing children suffering with cancer when he was being treated himself broke Terry Fox's heart and inspired his Marathon of Hope. Now, those efforts have fuelled a unique initiative to give kids and young adults across the country a chance to live when there are few, if any, treatment options left. Source
  • Newfoundland and Labrador announces weed will be sold through private stores

    Canada News CTV News
    ST. JOHN'S, N.L. - Newfoundland and Labrador has announced recreational marijuana will be sold through private stores. The provincial government unveiled its plan Thursday, which will see the Crown-owned liquor corporation oversee the distribution to private retailers who will sell it. Source
  • Couillard denounces Adidas store manager's comments on French language

    Canada News CTV News
    MONTREAL - Quebec's premier is criticizing the manager of an Adidas store who reportedly told a Montreal crowd that he would say a few words in French at an event to accommodate the city's French media. Source
  • Sask. Party leadership candidate walks back comment on abortion for rape victims

    Canada News CTV News
    REGINA -- A candidate in the race for premier of Saskatchewan is walking back his anti-abortion comments, saying victims of sexual assault should have access to the procedure. Saskatchewan Party legislature member Ken Cheveldayoff says in a release that any sex assault victim has the right to make the choice to have an abortion. Source