Canadian millennials are doing much worse than the previous generation. New Statistics Canada (Stat Can) data shows millennials make much more than Gen X did at their age. Despite significantly higher wages, they pay much more than the last generation did for basic necessities. That’s further complicated by the fact they also pay more in taxes.
Millennials Make A Lot More Than The Last Generation
Despite the perception of broke Millennials, they’re earning more than past generations. At the median age of 31, Canadian Millennial households took home an average of $90,047. This is 18.27% higher than Gen X earned at the same age, after adjusting for inflation. More money doesn’t exactly translate to greater wealth in Canada though.
Canadian Household Disposable Income By Generation
The breakdown of average disposable income for Millennials when the cohort was at a median age of 31, vs Gen X at the same period. Numbers are inflation adjusted to 2019 dollars. Source: Bank filings, Better Dwelling.Millennials Paid More In Taxes Than Gen X
Mandatory government transfers, aka taxes, are significantly higher for Millennials than their previous cohort. At the median age of 31, Canadian Millennial households paid an average of $36,170. The rate is 22.24% higher than Gen X did at the same age, which for those keeping track – it is higher than the wage bump they got. Lower inflation adjusted take home pay is problematic by itself, but there’s more…
Canadian Household Spending By Generation
The breakdown of average spending for Millennials when the cohort was at a median age of 31, vs Gen X at the same period. Numbers are inflation adjusted to 2019 dollars. Source: Bank filings, Better Dwelling.Millennials Spend More, Much More, On Shelter
Stat Can concluded Millennials may be worse off due to higher spending on necessities. At the median age of 31, Millennial households pay on average $18,428 for housing, water, electricity, gas and other fuels. This is a whopping 31.91% higher after adjusting for inflation, compared to the previous Generation. This doesn’t adjust for the fact that millennials are likely to have a smaller household than the previous generation.
The numbers help to explain what most Millennials already know – they’re worse off. This is despite making significantly more money than previous generations. Millennials spend more on taxes, and necessities than the previous generation. The needle was supposed to move the other way, wasn’t it?
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Just wait. They are not going to like future tax bills.
The debt and taxes to pay for it are going to get so much worse. The liberal government, supported by like-minded policy makers and advisers, smugly plans on changing our society to “better” by design. The reality is that the middle class will continue to be the ones to pay for these Marx-like schemes. The middle class standard of living will continue to decline while support for the poor and like groups will have their support grow and the rich will continue to thrive along with publicly funded acedemia and bureaucrats.
Average pay for millennials is 90 k a year? That can’t be right.
per household 2 X 45K
i’m pretty sure many (most?) millennials are single or divorced.
That is an interesting observation you have. Do you have the source where you found that information?
$20K+ (equivalent to 25%+) of income to ‘other’ is not what I consider necessities.
Depends what they categorize as other. This could possibly include things like phone and internet – both of which are a necessity in this day and age
a $1 mil house with 3 car garage is not a necessity for Gen X but sure is for the Millennials. Same with the latest I Phone. A true necessity to instagram or snap about the $1m house! hahaha. The Me generation – “I want everything now and I am not willing to wait” – screw them.
Do you have evidence that Millennials are desiring home ownership at an earlier age than Gen-X or Boomers? Tell me, “Lopez”, what was the price-to-income ratio when YOU were in your 30s?
Your attitude is foul. Not a single person anywhere personally knows an entire generation of people. How can anyone make such sweeping judgments? We have been swayed by media to despise the other. In some places, this happens to be other generations. Before you bash more people in groups, consider your own biases and the stereotypes you hold.
Like I said before, all previous generations are sucking the blood out of young families to feed their greedy. The government is going into deficit to prop up the housing bubble which millenials will pay for via taxes.
The government fuks over young people, time to fight back you sheeps.
The boomers might be able to submit a proposal to justify their continued existence. They might need a millennial leader in order to get it done tho..
Your comments are irritating. You state the government is screwing us over, but you don’t offer any solutions. You only offer your observations which aren’t even that insightful.
Unless you are in a position of power or extremely wealthy, then you’re a sheep along with the rest of us. The system is messed up everyone can see that, but either learn to ride the waves or drown.
Maybe Millennials shouldn’t have put in power a government that puts foreign nationals ahead of Canadian workers. What do they expect when Trudeau wants a perpetual labour oversupply and “global” cities (which basically means, Canadians get pushed out to make room for foreign nationals).
Because only Millennials were allowed to vote in the last election?
Try a little critical thinking. The overwhelming majority of voters in the Millennial cohort voted Liberal (they like Trudeau’s hair), and given that Millennials are the largest voting bloc, that swung the election to the Liberals (with NDP support to prop them up).
I’m a millennial and I can tell you I have NEVER voted for liberals, and don’t see myself changing that anytime soon based on how they screwed over BC with housing (thanks Christie) and the gong show that is Trudeau. I also have not voted NDP. And there’s others like me out there. So stop with your unfounded biases and stereotypes.
Yep, YOLO. When I was 35 (X) I commuted 1 1/2hoursw each way to work, my son (Mil) complains about his rent but walks 5 minutes to work. Shelter may be a necessity, but where you choose to live is not.
I find it irritating that individuals can deeply dislike an entire group of people. Ageism, racism, sexism, homophobia etc. Discrimination is not helpful. We need to check our biases before we go into the world and make decisions based upon our hate and/or ignorance.