Canadians under the age of 35—also known as Millennials—often get a bad rap as social media-addicted brats with a sense of entitlement who will never grow up and move out of their parents’ basement. The truth is that the kids are all right.
The Canadian online investment company Wealthsimple took a look at the facts and figures—from Statistics Canada—and has released a report stating that Millennials in fact have more money and education than previous generations.
The current generation is more likely to have a bachelor’s degree, and they’re paying off any accrued student debt more quickly than Canadians under the age of 35 did 20 years ago. One in three Millennials has completely paid off any student debt within three years.
There’s more. Average income has risen among Millennials, especially for young women, who are earning more than ever before (though still not as much as men). And Millennials are saving their money, with more than twice as much tucked away in RRSPs as the same age group managed 20 years ago and an average of $7,600 in their tax-free savings accounts (TFSAs). They also have more total assets.
And perhaps surprisingly, even though the cost of buying a home in Canada keeps rising, the proportion of supposedly shiftless under-35s who have bought a home has risen—to stand at 34%.
By Lola Augustine Brown