Maybe Canada’s millennial generation doesn’t have it tougher than its parents did after all. But if that’s the case, it may be more a fluke of generational timing than a broader economic trend. Many of their parents came of age in an unusually lousy time themselves.
A new study from Bank of Montreal senior economist Sal Guatieri, published Friday, compares the financial state of Canada’s 25-to-34 age group today with the same age group a generation ago (specifically, 1984-88). He found that the current millennials group enjoys a lower unemployment rate, has a higher inflation-adjusted median income, and has almost double the net worth of the previous generation at the same age.