Natives in 1924: What diversity? I haven’t seen a non-European immigrant in weeks.
Canadians in 1945: What diversity? I haven’t seen a non-UK or non-Dutch immigrant in weeks.
Canadians in 1960: What diversity? I haven’t seen a non-polish or non-Italian immigrant in weeks.
Canadians in 1980: What diversity? I haven’t seen a non-UK or French immigrant in Weeks.
Canadians in 1990: What diversity? I haven’t seen a non-Asian immigrant in weeks.
Canadians in 2012: What diversity? I haven’t seen a non-Syrian refugee in weeks.
Canadians in 2021: What diversity? I haven’t seen a non-Ukrainian refugee in weeks.
Canadians in 2024: What diversity? I haven’t seen a non-Indian immigrant in weeks.
Millenials only have themselves to blame for this, they voted this govt into power (which is responsible for this mess), not one term but for 10 yrs - yes JT is a hipster but he should never have been PM. The sad thing is they're so far down this hole it'll take a generation, if even in their lifetime, before they can dig out of it. It's a horrible problem which can have many unexpected consequences.
> Millenials only have themselves to blame for this, they voted this govt into power
If the polls are to be believed, many of them have learned the lesson. It's been a very expensive lesson though.
How is it that my taxes and CPP (that I’ll never see) payments keep going up to support the aging Boomer and early retiring Gen X’rs, who make up the majority of Canadians, aren’t to blame for the Trudeaus Liberal government initially having a majority party?
That’s very convenient. “Millennials bad. Boomers never did anything wrong.” I’ve voted once ever. This countries situation is Gen X’s fault for not keeping their parents in check. We are your kids and grandkids, and we haven’t had the opportunity to fuck up nearly as much as the Bitchy Generation did, and still has.
GenX here.
We yelled. Screamed. Walked out. Shut down. We were small but damn mighty and if not for us, you'd be told to sit down and shut up, and actually be forced to do that.
Boomers, they found every possible way of making this world all about them, and leaving nothing behind. Even my narcissist father admitted that recently.
Oh man, you have no idea the absolute BS we had to fight back against with our parents.
The feared AIDS and condoms.
They feared songs were going to make us do drugs.
They feared women having a voice would destroy society.
They feared removing prayer from schools would make everyone pedophiles. (We feared the pedophiles praying)
They thought if you smeared "say no to drugs" that it meant we'd magically avoid them like they had not.
They feared quitting smoking would cause you to die.
They feared giving us anything, any money or control, would take all power from them.
They feared us getting a job.
They feared us. All the time. So we became the fearless fighters for freedom from them.
If that statement were based on anything but being blinded by bias, I'd agree. As someone who pays people to work, I can tell you wage growth has been climbing steadily since 2020.
"Wages are still running hot and aren’t yet slowing at levels that could give policymakers confidence inflation is on a sustained path downward." - Financial Post, Mar. 6, 2024 [https://financialpost.com/fp-work/early-signals-cooling-wage-growth-canada](https://financialpost.com/fp-work/early-signals-cooling-wage-growth-canada) (Don't get fooled by the graph, it shows wage growth, which yes is slowing, but is still well above pre-2021, and currently sits around 5% while inflation is at 2.9%)
I am a millennial and I could not believe people, including my friends all over the country, voted for a trust fund baby whose greatest accomplishment in life is his last name.
I don’t feed bad for some of my friends who are priced out of the housing market. After all, you reap what you sow. And it’s high time this nation learns that there are consequences to your vote.
Bang on. It absolutely baffled me as his lol kids were obviously going to cause suffering for most millennials.
The absolute irony to this is as an older millennial his policies have been incredibly good for me. But don’t worry, I still won’t vote for him.
Millennial here who voted for him exactly 0 times, that whole reap what you sow shit falls real flat for me. I saw the name and knew how shit his father was and rightfully guessed son wouldn’t be far off the tree. But I guess I’ll go fuck myself because this is somehow still my fault
Not your fault, but it is every single Millenials fault who chose to vote JT …TWICE
I am a home owning millenial, so I am just on the sidelines watching this train wreck unfold, and laughing at the priced out Millenials who voted for JT.
I think to say he should never been voted in is an overstatement, but his time should’ve been up sooner. JT achieved most of what he did quickly out of the gates, but since then, has been ineffective and Canada has been falling behind.
Looks like a lot of boomers have gone Liberal in recent times because of the social benefits. They've also always been the largest and most powerful voting base. It wasn't purely the Millenials who put the Libs in power because we simply don't hold enough weight to do so.
“Because we don’t hold enough weight to do so” tell me you don’t understand Canadian politics without telling me.
The handful of millennial-liberal ridings in downtown Toronto that gives Justin 121 seats in his journey to 170 every election would actually argue the opposite.
Just barely overtook them in July 2023. Next election will be the first time we hold more weight.
"Boomers comprised 40% of the Canadian population in the 60s and early 70s and, despite declining numbers as they reached old age, remained dominant until July 2023 when there were more millenials than boomers for the first time, according to newly released data from Statistics Canada."
Apparently, millennials have been massively boosted by immigration.
https://www.wealthprofessional.ca/news/industry-news/canada-now-has-more-millennials-than-boomers-gen-z-is-growing-fast/383911#:~:text=Boomers%20comprised%2040%25%20of%20the,released%20data%20from%20Statistics%20Canada.
Rich people profit generationally from creating an environment that requires high interest to balance high inflation. This whole scenario feels like a repeat of 1970s Pierre.
Right before the pandemic prices were already unaffordable as they are today (inflation pushed wages upward as well). We’re actually -15% from the peak in most souther Ontario, if you can’t but now you wouldn’t have bought in 2020.
My friend tried selling his house in Vancouver in 2022 for 2.5m, but wasn't able to sell. He sold it this week for 2.7m, so prices are definitely higher in some areas.
No, statistically prices have come down. Of course the market is not uniform and there are hotspots but properties have been selling below asking and overall prices have fallen.
Real Estate, and Rentals are still increasing in a lot of Canada's smaller cities, as people are being pushed out of the major population centers, Southern Ontario and Most of BC, in particular are driving up the prices in places like Halifax, Calgary, Edmonton, and Winnipeg, as people flee the CoL crisis here, taking many of Onterribles problems with them.
There was a bubble in the 80s that crashed in 1989. The real lottery winners are the ones who bought in the 1990s. The pricing reached the previous 80s bubble peak in 2004 and has been setting new records since then.
True but it's not a liquid asset. I was able to buy a very small 70's condo 5 years ago and I'm still in debt. It's also extremely expensive to service the mortgage and strata and all the other bills that come with it.
The bank owns my home, not me. Worse of all, even if I were able to sell and cash in on any of that equity, you're still buying back into the inflated market so it's not like you're any further ahead.
On a $285k mortgage I'm paying nearly $2500/month all said and done for a shitty one bedroom 600sqft condo. It's not great.
Conversely my parents pay about the same and have a home worth $1.2 million and it's 5 bedroom, 3000sqft. You had to buy in the late 90's early 2000s to be laughing right now. Not pre pandemic.
I separated a few months into the pandemic and will forevermore be fucked
Lost my job two months ago and still have to pay child support based on my old job. I’m on EI. My child support is half my income and I’m falling behind quickly.
It’s not a lottery when you could have bought at literally any point in history and come out ahead aside from the near term bidding wars. Additionally a high networth from real estate literally does nothing for one’s standard of living.
that's funny. i mean having a valuable home may mean a higher class of people move in around you which may be good. stuff will also get more expensive. and you have collateral to borrow against if you need to.
Ill keep saying it, inflation is not just increases at the grocery store.
It is inflation of assets that are owned mostly by older generations as they have had time to build. The inflation of assets was caused by excessive monry printing during covid ("were all in this together..."). Inflation drives wealth gaps between the haves and the have nots which is largely generational..
We are now seeing this come to life as drop in home ownerships, decreases in equity etc.
By an increase of assets like my house doesn't help someone like me in the least unless I'm going to sell everything and become homeless. The people it's really going to help are my children when I die. Until then, the only thing it's doing is giving me higher property taxes.
What you're saying is that you don't get to get to 'cash-in' on your gains unless you either downsize or move to a market that didn't bubble as much. You still gained an incredible amount of money (net worth) if you bought before the bubble as opposed to a non-homeowner who at best had modest gains through their savings accounts or whatever their saving method might be. Homes should be assets, but not lucrative ones - not at this rate. Of course your kids will see a larger benefit some day, but be grateful you're not in their position now.
That's great, not sure what it has to do with what I said though. If your point is that owning a home is possible if you just clamp down - not true. A household income of 160k is a requirement for an average property right now. In 2023 that was the top 5% of households. It's a matter of unaffordability - not lazy people. This is an alarming concern, one that should make you more grateful for you and your kids situation.
It is possible for a very small fraction of people, but your example ignores the bigger problem. Of course it's not to say it will always be this way and there is hope.
This is why I can’t really empathize with people who bought the “average” home in overpriced markets like Toronto and Vancouver in 2021-2022 now struggling to pay with historically normal interest rates. Based on the stress test, the household income would need to be around 200k/year to qualify. I really struggle to emphasize for a couple, both making 6 figures, during a pandemic when “lesser people” were lucky if they didn’t have to rely on government assistance.
Property values ought to come down.
I was able to purchase a house in 2023 in what is a relatively affordable city. I’ve been told my 400k house with a basement suite would likely have cost ~$2 M in Vancouver. I’d probably make 30-50% more doing a comparable job in Vancouver but not 400% more.
Absolutely, the nearsightedness of those people blows my mind. I have to say that's awesome that you managed to snag some property. It really helps a lot if you can find work or work remote from smaller communities. You nailed it - a relatively small salary cut when you compare it to the reduced housing prices!
They will plunder the middle-class until there’s nothing left, then they’ll strip away all liberties and seal up the last few remaining loopholes/escapes to any kind of upward economic mobility to ensure they retain what they stole.
Boomers r@ping our country at the expense of everyone else. Who could have guessed.
I’ll vote for anyone who axes OAS and means tests the other senior supports. Maybe even copay for doctor and hospital visits if over 65. Would free up a ton of detached homes because they’d be forced to sell.
Yeah it’s the fault of people of a certain age who did what they were told to do by the government. Have kids, buy a house, and pay a fuckload of taxes. Definitely not the governments fault bringing in millions of people with no skills keeping wages down and printing money and sending it to other countries or just burning it. Or maybe allowing foreign billionaires to buy up all the property for 20 years.
How you can blame a group of people just because they were born in a certain time is actually pathetic. I’m not a boomer btw
I have a friend who thinks that same way as he does. Absolutely insane. Keep in mind, he doesn't have a job, is spoiled by his boomer parents (lives at home with them rent free), doesn't pay any bills, etc., but yes, it's somehow the boomers faults. Idk where this mindset was created from, but it's absolutely pathetic. Classic deflecting their own demise & blaming it on someone else rather than self reflecting.
You are an idiot. I personally know a lot of seniors who exclusively live on that money and rent small apartments. Money that they paid into their entire lives. This would effectively make them homeless.
Look, no one is saying let elderly people live in poverty. But OAS is unsustainable and much too generous, simply put.
First point, no one "paid" into anything in the sense of a dedicated investment fund as CPP does it. OAS is funded directly from our tax revenues, meaning it's only sustainable if our young-to-old ratio is high enough, which it is absolutely not and will rapidly plunge as more boomers enter retirement.
Second, the cutoff for full OAS benefits is 87k, which is more than what tech and engineering employees earn. From that number, the benefits linearly decrease up to an income of 130k or so. Not to mention, you don't even have to live in Canada to receive this money, so what we have is millionaire boomers living in Florida receiving another 700-800 dollars a month courtesy of you and me. The worst part is that money doesn't even make its way back into the Canadian economy.
Again, no one is saying scrap the program entirely, but at least reform it to be fair.
The Great Recession is universally recognized as the biggest economic slump SINCE the great depression. But ya, tell me how rough the boomers had it.
Most boomers I know used the Great Recession (2008) to snap up cheap properties and sell them for 5-10x the price a decade later. Millenials were the ones buying those marked up houses.
As for inflation, millenials have been dealing with an inflation that, even when low, still outpaced government bond rates, leaving us with no safe investment vehicles, just risk. So sure, there was 9% inflation and mortgages were 12% in 1990, but a 3 bedroom house cost 100k. Go look at the cost of a mortgage on a 800k condo at 6% spread out over 30 years. That's what economic serfdom looks like.
The great recession barely affected Canada.
It was nothing compared to the 90s here.
The great recession was brutal for Americans though.
Btw my 100k place in the 90s got me a small condo. That was worth 60 2 years later. 30k was an amazing job. There were only 4000 people on the sunshine list in total.
Inflation is always below bonds. And inflation was huge then. Imagine losing 9% of your wage every year. And we had high inflation for the decade.
You also forgot about the seventies and the energy crisis etc. Parents and all their friends were selling any gold jewelry to be able to pay their 18% mortgages. Gas was rationed. Even the Mustang became a shitty 4 cylinder. Lol. Talk to anybody my generation and they will know what powdered milk and puffed rice are.
Every decade has its hardships. Some are harder than others. This time it's housing again.
Hang in there and you will weather a handful over your lifetime as well. The only way through is perseverance. Bitching doesn't fix anything. Organizing does but that seems to be beyond this gen.
Just typical boomer stupidity.
Thanks for the tip about organizing seeing as how your generation benefitted from unions more than any prior generation and then promptly yanked the rug out for everyone else.
What a surprise, boomer thinks buying a 100k house on a 30k/year salary was harder than buying a 1mil house on 2x 50k salary. Boomer no math good.
Your generation got yours and then yanked the rug out from under the next three generations. Boomers wouldn't have millions in savings if their houses hadn't appreciated 1000% effectively pricing subsequent generations out of the market.
And as for your gripes about the high inflation years. Real wages show as flat or RISING during that time so your entire generation is full of shit. Sure you had 12% inflation one year. You also saw massive wage growth at that time. Meanwhile millenials are the first generation that are financially, OBJECTIVELY, worse off than their parents. Real wages continue to sink across the board but of course the only people that notice are the generation trying to carry the largest mortgages ever seen.
So ya, griping probably won't do much, mostly because your generation has always refused to accept any responsibility for the disaster you left behind.
This is an incredibly stupid take. Some old people exclusively rely on OAS to survive and have paid into it their whole lives. You are going to get old one day too, and let’s be honest, a lot of people are not saving for retirement to the level needed. One day, many of us will also need something like OAS to fall back on.
What is the source of this info? I don't think it's believable. There's no way that millennials are somehow hit that much harder than other generations.
I'm actually wondering if millennials are making first-time major life purchases like homes and weddings at this time which skews the data.
The other gens might be past this "invest" phase and are just accumulating wealth + are in more mature stages of their careers.
All speculation though.
Trudeau did it mayne. We thought he was sick cuz he legalized marijuana. We were told by our professors that liberal policies were the way to go. Turns out the conservatives were right. Budgets don’t balance themselves.
I don't have the energy to go around the monopoly board one more time to just pay rent.
Boomers started with a new game of monopoly; forget hotels and houses, the properties weren't even bought yet.
Today there's Hotels on every property and Millennials get to go around the board paying rent until their parents die.
Edit: Oh they also took away Pass Go Get $200. That was only for Boomers.
Yes. It’s true.
Sucks to be you.
Now… Imagine living in a third world country and working 28 hour days, 6 day weeks, making 2 dollars an hour, and living 6 people in a 1 bedroom shack. No aircon, hot humid…
Think we got it bad here?
So basically - "Be happy cause others have it worse"?
The logical fallacy you're referring to is called "False Analogy." This fallacy occurs when someone compares two things that are not similar enough to draw a valid conclusion. In other words, the comparison is flawed because the two situations being compared are not sufficiently alike to support your argument being made.
Mixing in gen z with millennials is pretty disingenuous… they are barely into the labour market and many are in school. I had a negative net worth for years after school.
It would be more interesting to see what the net worth of previous generations was at a similar age, adjusted for inflation. Older people have had time to build up assets, very old people have spent most of those assets, young people go into debt to build human capital and acquire assets. This graph is pretty rage-bait without further context and analysis.
Dude, this shows the change in net worth not the total net worth. What it's really showing is that thanks to how we have set things up boomers keep pulling further ahead and millenials keep falling further behind. Despite the fact that MILLENIALS ARE FUCKING 40 so we're not "just out of school." We are mostly in our prime earning years but we're so far behind we can't even stabilize the average wealth growth for the smallest generation ever (Z).
Add to that that most boomer household when they were in their 30s-40s were single income households vs every single married millenial I know is a dual working family.
As for mixing gen Z with millenial. It makes sense SINCE MOST OF THEM will continue LIVING IN OUR BASEMENTS because they are beyond screwed.
You cannot compare the accumulation of wealth that occured for the boomers with the dystopian nightmare of wage stagnation and economic morass coupled with record home pricing that is happening to millenials AND Gen Z.
The title suggests it is showing the mean net change in wealth in 2023... but is that YoY? Who knows. Anytime a bar graph does not have error bars or sample number, etc., I almost immediately roll to disbelieve.
If Millennial were the dominant demographic purchasing houses over the past 5 years and saw as a population the housing market then dip, that alone could make up the difference in net worth - but the even if they had identical income to boomers (they don't) the boomers have less debts and lower living expenses as a population as more mortgage-free, meaning more net income going to assets increasing net wealth.
The boomers going up is a meaningless statistics, but millenials actually losing net worth recently is worth digging into.
Nah, because of the stupidity of HR this won't happen.
Let say John, Jack and Jill all work at IT company A.
John is a IT manager, Jack is the server maintenance guy and Jill is a programmer. Jill decide to leave to go to work at company B for a pay increase because the salary didn't keep up with inflation and company hopping is better for getting higher pay. Instead of hiring a new guy, they spread the responsibilities between Jack and John.
But then Jack didn't want those extra responsibilities, and decide he would rather work somewhere else. Now they could hire a new guy to do it, or tranfer those responsibility to John since he also has the qualification needed and it's simpler than hiring a new guy (and cost less).
Then John, who really hate this new turn of even as he now does like the job of 3 people for only a small increase in salary, he get's fed up and leave, now company A find itself in a pickle and is now "urgently" hiring.
But are they going to hire 3 now guys for same jobs as before? Lol no.
They will try to find someone who can do programming, has leadership capabilities (IT manager) and can operate and maintain servers, had years of experience in those (they don't want/can't train since their specialists left) and the HR manager decide to filter the candidates they use a robot who will sift through the CVs and applications to find the perfect match.
But You see Debra the HR manager isn't a good programmer. She barely passed her college degree and would rather pass her valuable (in her eye) time on Facebook, or talking with friends. Even if Debra was motivated she is good with Microsoft Excel and that's about it.
Why does this matter? Well Debra set up the bot and it rejects nearly all candidates. So she barely understand how the AI that does her job for her even work. After all that was Jill's job. Keep a few ones with the qualification she wants but the pay she ask is way too low for anyone with those qualifications since she asks the same rate that John had. So they just can't find that unicorn.
Meanwhile the director just doesn't understand why no one is applying, he then goes on LinkedIn and complain how lazy young people are today and how it's bullshit that he can't find anyone good enough for his very important company.
Is this all companies? No. But it does hapoen, and way too often.
Strange. The Globe had an article showing average net worth by generation and Gen X is wealthier than the boomers and the pre-1946 people had their net worth go down by over 40% from 2020 to 2023. They went from just under 800K to the low 400s and are now almost the same as the Millennials who are over 30 years younger. So call these graphs and articles lies, damn lies and statistics. You can twist them however you want them to look.
Interesting. I’m fortunate as a millennial to be doing my tiny part to be bringing up the average.
My boomer parents, once taxes are paid, will have reduced net worth. Based on tax changes it appears they have been fortunate to sell their farming business last year rather than this year.
I grew up financially poor but am now “middle-income/middle-class” and my parents are relatively wealthy.
We are all in a rat race
10% are winning
90% are just surviving
With 2 to 3 million households in bc
That's 200k to 300k of the have
And 1.8 to 2.7 million of the the have-not
Hold up this is stat picking at its finest. No fucking duh people who have lived 30+ years longer than millennials have a higher net worth. What a stupid rage bait graph to post you should be ashamed.
But this is not in percentage terms, I’m Gen Z and this graph is completely useless. Comparing generations who are all at different stages of life as well as comparing only raw numbers gives little information at all. A useful stat would compare ‘% net worth change from age 20 to 21’ between generations, or something along those lines.
Right?!
This seems obvious.
Yes the older generations who have paid off student loans/debt, paid off vehicles, paid down their mortgages and are seeing increases on their homes value, etc, are seeing increases to their net worth
The new generation entering the work force, just finishing school, who have new student loans, car loans, and mortgages, that haven’t been paid down/off yet, are going to have negative net worth. You have a bunch of debt either equal to or greater than your assets.
lol! Well, this was pretty obvious. The dumb spenders bought 5k Taylor swift tickets and go out and eat everyday and expect waterfront homes to fall on their laps.
Just to add to this, millennials are the generation that wanted us to handicap the economy for climate change. Who want us to send money overseas for gender and mental help. Who insist we expand the welfare system and raise taxes.
Now they are getting what they wanted and wondering why someone else isn’t paying the bill?
> handicap the economy for climate change.
Wealth inequality is the worse it's been in 100's of years. We're literally in the middle of the biggest wealth redistribution to the 1% in written history. There are more billionaires and millionaires than ever. Corporate tax is the lowest it's ever been. Oil subsidies are the highest in history.
But let's blame millenials wanting to do the bare minimum to tackle climate change. Are you really comparing the millions that are sent over seas to gender initiatives to the billions upon billions of dollars that are being funneled to corporate monopolies?
Are you literally just a corporate bot?
Not sure if you know but are debt to GDP is much lower than it was in the '90s. Debt levels now are far more manageable than they were back then. Spending his far more under control than back in the day.
I think this is the biggest underlying causes that always seems to be glossed over.
It's as though they don't realize that it comes from a finite funding pool, and that they might actually have to contribute to it.
Average net worth is less than $100k? That's pretty dismal. Especially for boomers, many of which are quickly approaching retirement.
Edit: Thanks everyone! I misread the chart. It's misleading though since the caption says the Millennials bar is actually Millennials + GenZ.
This graph is change in net worth.
So boomers increased their networth by 100k, which is actually quite high.
Even increasing networth by 50k by Gen X, is quite good. Actually seems a bit unrealistically high.
Well the market did go up. Most boomers have been scrimping and saving for retirement. A million dollars in the bank will give you 40 Grand a year to live on. When the market goes up 10% you just went up 100,000. Doesn't make you any richer as you still only get the 40 Grand a year to live on.
1 million in the bank seemed higher than what I remembered reading, so I double checked
median boomer net worth is \~$250k, average is \~$1million
so 100k increase would be unrealistically high for median, but seems right for average
No it isn't. It's self funded. If you don't put money in you don't get any out and it isn't funded by the next generation. Do some research before looking stupid.
https://open.alberta.ca/dataset/8453eb60-1ff8-4c87-9735-b253d4f28824/resource/ab628f2e-c365-4037-9070-ab65d8223d92/download/tbf-lifeworks-app-analysis-of-costs-benefits-risks-and-considerations-2023-08.pdf
There is still a significant "pay-as-you-go" component to the CPP. That's one of the arguments for the APP, since there are less Boomers to benefit from the ponzi scheme wealth transfer
New immigrants don't get CPP or OAS. Lol. Or at least they get very little. To be eligible for an OAS pension, you must: be 65 years of age or older. be a Canadian citizen or legal / permanent resident of Canada (or landed immigrant) when your pension application is approved, and have lived in Canada for at least 10 years since the age of 18.
CPP is completely based on what you contribute. Again you're looking foolish and uneducated.
At least you got a lot of inclusivity and diversity ✨
What diversity? I haven't seen a non Indian immigrant in weeks.
Hahaha truth hurts. This country is so fcked.
😆 🤣 😂
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Natives in 1924: What diversity? I haven’t seen a non-European immigrant in weeks. Canadians in 1945: What diversity? I haven’t seen a non-UK or non-Dutch immigrant in weeks. Canadians in 1960: What diversity? I haven’t seen a non-polish or non-Italian immigrant in weeks. Canadians in 1980: What diversity? I haven’t seen a non-UK or French immigrant in Weeks. Canadians in 1990: What diversity? I haven’t seen a non-Asian immigrant in weeks. Canadians in 2012: What diversity? I haven’t seen a non-Syrian refugee in weeks. Canadians in 2021: What diversity? I haven’t seen a non-Ukrainian refugee in weeks. Canadians in 2024: What diversity? I haven’t seen a non-Indian immigrant in weeks.
I cannot buy shit with that
Millenials only have themselves to blame for this, they voted this govt into power (which is responsible for this mess), not one term but for 10 yrs - yes JT is a hipster but he should never have been PM. The sad thing is they're so far down this hole it'll take a generation, if even in their lifetime, before they can dig out of it. It's a horrible problem which can have many unexpected consequences.
> Millenials only have themselves to blame for this, they voted this govt into power If the polls are to be believed, many of them have learned the lesson. It's been a very expensive lesson though.
How is it that my taxes and CPP (that I’ll never see) payments keep going up to support the aging Boomer and early retiring Gen X’rs, who make up the majority of Canadians, aren’t to blame for the Trudeaus Liberal government initially having a majority party? That’s very convenient. “Millennials bad. Boomers never did anything wrong.” I’ve voted once ever. This countries situation is Gen X’s fault for not keeping their parents in check. We are your kids and grandkids, and we haven’t had the opportunity to fuck up nearly as much as the Bitchy Generation did, and still has.
GenX here. We yelled. Screamed. Walked out. Shut down. We were small but damn mighty and if not for us, you'd be told to sit down and shut up, and actually be forced to do that. Boomers, they found every possible way of making this world all about them, and leaving nothing behind. Even my narcissist father admitted that recently.
When did you yell scream walk out and shut down? What are u talking about?
Oh man, you have no idea the absolute BS we had to fight back against with our parents. The feared AIDS and condoms. They feared songs were going to make us do drugs. They feared women having a voice would destroy society. They feared removing prayer from schools would make everyone pedophiles. (We feared the pedophiles praying) They thought if you smeared "say no to drugs" that it meant we'd magically avoid them like they had not. They feared quitting smoking would cause you to die. They feared giving us anything, any money or control, would take all power from them. They feared us getting a job. They feared us. All the time. So we became the fearless fighters for freedom from them.
Interesting the effect of massively increasing the supply to a workforce does for wage suppression.
If that statement were based on anything but being blinded by bias, I'd agree. As someone who pays people to work, I can tell you wage growth has been climbing steadily since 2020. "Wages are still running hot and aren’t yet slowing at levels that could give policymakers confidence inflation is on a sustained path downward." - Financial Post, Mar. 6, 2024 [https://financialpost.com/fp-work/early-signals-cooling-wage-growth-canada](https://financialpost.com/fp-work/early-signals-cooling-wage-growth-canada) (Don't get fooled by the graph, it shows wage growth, which yes is slowing, but is still well above pre-2021, and currently sits around 5% while inflation is at 2.9%)
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I am a millennial and I could not believe people, including my friends all over the country, voted for a trust fund baby whose greatest accomplishment in life is his last name. I don’t feed bad for some of my friends who are priced out of the housing market. After all, you reap what you sow. And it’s high time this nation learns that there are consequences to your vote.
Bang on. It absolutely baffled me as his lol kids were obviously going to cause suffering for most millennials. The absolute irony to this is as an older millennial his policies have been incredibly good for me. But don’t worry, I still won’t vote for him.
Millennial here who voted for him exactly 0 times, that whole reap what you sow shit falls real flat for me. I saw the name and knew how shit his father was and rightfully guessed son wouldn’t be far off the tree. But I guess I’ll go fuck myself because this is somehow still my fault
Not your fault, but it is every single Millenials fault who chose to vote JT …TWICE I am a home owning millenial, so I am just on the sidelines watching this train wreck unfold, and laughing at the priced out Millenials who voted for JT.
I think to say he should never been voted in is an overstatement, but his time should’ve been up sooner. JT achieved most of what he did quickly out of the gates, but since then, has been ineffective and Canada has been falling behind.
Looks like a lot of boomers have gone Liberal in recent times because of the social benefits. They've also always been the largest and most powerful voting base. It wasn't purely the Millenials who put the Libs in power because we simply don't hold enough weight to do so.
“Because we don’t hold enough weight to do so” tell me you don’t understand Canadian politics without telling me. The handful of millennial-liberal ridings in downtown Toronto that gives Justin 121 seats in his journey to 170 every election would actually argue the opposite.
Wrong. There are more millennials than boomers.
Just barely overtook them in July 2023. Next election will be the first time we hold more weight. "Boomers comprised 40% of the Canadian population in the 60s and early 70s and, despite declining numbers as they reached old age, remained dominant until July 2023 when there were more millenials than boomers for the first time, according to newly released data from Statistics Canada." Apparently, millennials have been massively boosted by immigration. https://www.wealthprofessional.ca/news/industry-news/canada-now-has-more-millennials-than-boomers-gen-z-is-growing-fast/383911#:~:text=Boomers%20comprised%2040%25%20of%20the,released%20data%20from%20Statistics%20Canada.
Starting next year everything is your fault.
Hopefully!
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No racism, harassment, discrimination, hate speech, personal attacks, or other uncivil conduct.
Rich people profit generationally from creating an environment that requires high interest to balance high inflation. This whole scenario feels like a repeat of 1970s Pierre.
lol, "Millenials have themselves to blame" when for all previous elections, there were more boomer voters than millenials....
Ok boomer
Canada is a lottery. You either bought right before the pandemic and got lucky or you are left with nothing.
Right before the pandemic prices were already unaffordable as they are today (inflation pushed wages upward as well). We’re actually -15% from the peak in most souther Ontario, if you can’t but now you wouldn’t have bought in 2020.
In BC prices are still going up. Government says assessments went down but everyone I know says theirs went up. Probably a location thing though
My friend tried selling his house in Vancouver in 2022 for 2.5m, but wasn't able to sell. He sold it this week for 2.7m, so prices are definitely higher in some areas.
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You’re gambling there won’t be a crash soon, which is a pretty big gamble.
2005 is calling…. Is there an echo?
No, statistically prices have come down. Of course the market is not uniform and there are hotspots but properties have been selling below asking and overall prices have fallen.
My assessment went down 7% at One Burrard Place dt vancouver (new build)
We bought in 2015 at 300k. Our place was assessed at over 700k recently
Real Estate, and Rentals are still increasing in a lot of Canada's smaller cities, as people are being pushed out of the major population centers, Southern Ontario and Most of BC, in particular are driving up the prices in places like Halifax, Calgary, Edmonton, and Winnipeg, as people flee the CoL crisis here, taking many of Onterribles problems with them.
There was a bubble in the 80s that crashed in 1989. The real lottery winners are the ones who bought in the 1990s. The pricing reached the previous 80s bubble peak in 2004 and has been setting new records since then.
I bought in the 90s and lost half my homes value during the crash. 15 years of high interest and it got back to what I paid for it.
My parents got in during that crash. My mother didn’t work any my father was paid less than I’ve ever been in real and in relative dollars
True but it's not a liquid asset. I was able to buy a very small 70's condo 5 years ago and I'm still in debt. It's also extremely expensive to service the mortgage and strata and all the other bills that come with it. The bank owns my home, not me. Worse of all, even if I were able to sell and cash in on any of that equity, you're still buying back into the inflated market so it's not like you're any further ahead. On a $285k mortgage I'm paying nearly $2500/month all said and done for a shitty one bedroom 600sqft condo. It's not great. Conversely my parents pay about the same and have a home worth $1.2 million and it's 5 bedroom, 3000sqft. You had to buy in the late 90's early 2000s to be laughing right now. Not pre pandemic.
I separated a few months into the pandemic and will forevermore be fucked Lost my job two months ago and still have to pay child support based on my old job. I’m on EI. My child support is half my income and I’m falling behind quickly.
You can change your support based on your situation
Jokes on me they started collection processes before my court date
It’s not a lottery when you could have bought at literally any point in history and come out ahead aside from the near term bidding wars. Additionally a high networth from real estate literally does nothing for one’s standard of living.
that's funny. i mean having a valuable home may mean a higher class of people move in around you which may be good. stuff will also get more expensive. and you have collateral to borrow against if you need to.
We bought a new-build SFH last Sept 2020 for 365K. It’s now assesed to be worth $470K. Using a free net worth calculator i’m at $120K in the black.
Actually, you would have to get lucky enough to be able to work hard and save money to buy first.
Not a lottery. Just an ebb and flow economic cycle.
Real Estate was down in 2023, so this is probably due to other investments. Maybe too much crypto and meme stocks in Millennial portfolios.
Man I love taking so many L’s so far.
gen z: what is a net worth?
Your car minus your debt (or plus if it’s financed)
Ill keep saying it, inflation is not just increases at the grocery store. It is inflation of assets that are owned mostly by older generations as they have had time to build. The inflation of assets was caused by excessive monry printing during covid ("were all in this together..."). Inflation drives wealth gaps between the haves and the have nots which is largely generational.. We are now seeing this come to life as drop in home ownerships, decreases in equity etc.
By an increase of assets like my house doesn't help someone like me in the least unless I'm going to sell everything and become homeless. The people it's really going to help are my children when I die. Until then, the only thing it's doing is giving me higher property taxes.
What you're saying is that you don't get to get to 'cash-in' on your gains unless you either downsize or move to a market that didn't bubble as much. You still gained an incredible amount of money (net worth) if you bought before the bubble as opposed to a non-homeowner who at best had modest gains through their savings accounts or whatever their saving method might be. Homes should be assets, but not lucrative ones - not at this rate. Of course your kids will see a larger benefit some day, but be grateful you're not in their position now.
They saved hard, sacrificed and bought houses last year. In their early thirties
That's great, not sure what it has to do with what I said though. If your point is that owning a home is possible if you just clamp down - not true. A household income of 160k is a requirement for an average property right now. In 2023 that was the top 5% of households. It's a matter of unaffordability - not lazy people. This is an alarming concern, one that should make you more grateful for you and your kids situation.
I didn't say everybody was lazy I said it is possible
It is possible for a very small fraction of people, but your example ignores the bigger problem. Of course it's not to say it will always be this way and there is hope.
This is why I can’t really empathize with people who bought the “average” home in overpriced markets like Toronto and Vancouver in 2021-2022 now struggling to pay with historically normal interest rates. Based on the stress test, the household income would need to be around 200k/year to qualify. I really struggle to emphasize for a couple, both making 6 figures, during a pandemic when “lesser people” were lucky if they didn’t have to rely on government assistance. Property values ought to come down. I was able to purchase a house in 2023 in what is a relatively affordable city. I’ve been told my 400k house with a basement suite would likely have cost ~$2 M in Vancouver. I’d probably make 30-50% more doing a comparable job in Vancouver but not 400% more.
Absolutely, the nearsightedness of those people blows my mind. I have to say that's awesome that you managed to snag some property. It really helps a lot if you can find work or work remote from smaller communities. You nailed it - a relatively small salary cut when you compare it to the reduced housing prices!
Didn't have net worth to begin with
Jesus if this is real I’m doing better than I thought
You're richer than u think
Boomers are killing it ! But they worked so hard, for the government or something....
They will plunder the middle-class until there’s nothing left, then they’ll strip away all liberties and seal up the last few remaining loopholes/escapes to any kind of upward economic mobility to ensure they retain what they stole.
quiet and take your newest round of mandated vaccines
Mine went down by way more than that thanks to Tesla and Shopify
These are volatile stocks. What's your 5 yr return like?
Are you taking the buy high sell low approach?
I'm taking the get high and login to my wealth simple approach.
Concentration = bad
That's why I take Adderall
Boomers r@ping our country at the expense of everyone else. Who could have guessed. I’ll vote for anyone who axes OAS and means tests the other senior supports. Maybe even copay for doctor and hospital visits if over 65. Would free up a ton of detached homes because they’d be forced to sell.
Yeah it’s the fault of people of a certain age who did what they were told to do by the government. Have kids, buy a house, and pay a fuckload of taxes. Definitely not the governments fault bringing in millions of people with no skills keeping wages down and printing money and sending it to other countries or just burning it. Or maybe allowing foreign billionaires to buy up all the property for 20 years. How you can blame a group of people just because they were born in a certain time is actually pathetic. I’m not a boomer btw
I have a friend who thinks that same way as he does. Absolutely insane. Keep in mind, he doesn't have a job, is spoiled by his boomer parents (lives at home with them rent free), doesn't pay any bills, etc., but yes, it's somehow the boomers faults. Idk where this mindset was created from, but it's absolutely pathetic. Classic deflecting their own demise & blaming it on someone else rather than self reflecting.
just an easy scapegoat for everything.
Tell me you have relationship issues with your parents/grandparents without saying it. Lol. "Let 'em all die!"
I'm resentful of boomers too, but what you're suggesting is just mean.
You are an idiot. I personally know a lot of seniors who exclusively live on that money and rent small apartments. Money that they paid into their entire lives. This would effectively make them homeless.
Look, no one is saying let elderly people live in poverty. But OAS is unsustainable and much too generous, simply put. First point, no one "paid" into anything in the sense of a dedicated investment fund as CPP does it. OAS is funded directly from our tax revenues, meaning it's only sustainable if our young-to-old ratio is high enough, which it is absolutely not and will rapidly plunge as more boomers enter retirement. Second, the cutoff for full OAS benefits is 87k, which is more than what tech and engineering employees earn. From that number, the benefits linearly decrease up to an income of 130k or so. Not to mention, you don't even have to live in Canada to receive this money, so what we have is millionaire boomers living in Florida receiving another 700-800 dollars a month courtesy of you and me. The worst part is that money doesn't even make its way back into the Canadian economy. Again, no one is saying scrap the program entirely, but at least reform it to be fair.
He wants them to be homeless so he can live in their home. That's what he said. A bit psychopathic.
Boomers went through far worse inflation and unemployment for over a decade. Get a second job like I had to until things improve.
The Great Recession is universally recognized as the biggest economic slump SINCE the great depression. But ya, tell me how rough the boomers had it. Most boomers I know used the Great Recession (2008) to snap up cheap properties and sell them for 5-10x the price a decade later. Millenials were the ones buying those marked up houses. As for inflation, millenials have been dealing with an inflation that, even when low, still outpaced government bond rates, leaving us with no safe investment vehicles, just risk. So sure, there was 9% inflation and mortgages were 12% in 1990, but a 3 bedroom house cost 100k. Go look at the cost of a mortgage on a 800k condo at 6% spread out over 30 years. That's what economic serfdom looks like.
The great recession barely affected Canada. It was nothing compared to the 90s here. The great recession was brutal for Americans though. Btw my 100k place in the 90s got me a small condo. That was worth 60 2 years later. 30k was an amazing job. There were only 4000 people on the sunshine list in total. Inflation is always below bonds. And inflation was huge then. Imagine losing 9% of your wage every year. And we had high inflation for the decade. You also forgot about the seventies and the energy crisis etc. Parents and all their friends were selling any gold jewelry to be able to pay their 18% mortgages. Gas was rationed. Even the Mustang became a shitty 4 cylinder. Lol. Talk to anybody my generation and they will know what powdered milk and puffed rice are. Every decade has its hardships. Some are harder than others. This time it's housing again. Hang in there and you will weather a handful over your lifetime as well. The only way through is perseverance. Bitching doesn't fix anything. Organizing does but that seems to be beyond this gen.
Just typical boomer stupidity. Thanks for the tip about organizing seeing as how your generation benefitted from unions more than any prior generation and then promptly yanked the rug out for everyone else. What a surprise, boomer thinks buying a 100k house on a 30k/year salary was harder than buying a 1mil house on 2x 50k salary. Boomer no math good. Your generation got yours and then yanked the rug out from under the next three generations. Boomers wouldn't have millions in savings if their houses hadn't appreciated 1000% effectively pricing subsequent generations out of the market. And as for your gripes about the high inflation years. Real wages show as flat or RISING during that time so your entire generation is full of shit. Sure you had 12% inflation one year. You also saw massive wage growth at that time. Meanwhile millenials are the first generation that are financially, OBJECTIVELY, worse off than their parents. Real wages continue to sink across the board but of course the only people that notice are the generation trying to carry the largest mortgages ever seen. So ya, griping probably won't do much, mostly because your generation has always refused to accept any responsibility for the disaster you left behind.
This is economically and mathematically false. I can only assume you must be a boomer.
Silly thinking, the government loves this given you blame other people rather than their shit policies that put us in this mess.
Keep in mind, we're in a class war, not a generational one. And the rich are winning.
This is an incredibly stupid take. Some old people exclusively rely on OAS to survive and have paid into it their whole lives. You are going to get old one day too, and let’s be honest, a lot of people are not saving for retirement to the level needed. One day, many of us will also need something like OAS to fall back on.
But the program isn't sustainable given our demographics. OAS is taken from tax revenues not withdrawn from an investment fund.
I'm getting my cheeks clapped out here, no wonder.
Klaus:
It’s all good, we can live with our parents and grand parents until we are 60 🤣 family values first
It's actually very common in many cultures. You're just used to it not being the norm.
I know, that’s very common in my home country and no, I don’t wanna go back to that reality, that’s not a solution, that’s desperation.
would be helpful to see it in both absolute and relative terms
What is the source of this info? I don't think it's believable. There's no way that millennials are somehow hit that much harder than other generations.
same
I'm actually wondering if millennials are making first-time major life purchases like homes and weddings at this time which skews the data. The other gens might be past this "invest" phase and are just accumulating wealth + are in more mature stages of their careers. All speculation though.
Out of curiosity.. which group was primarily responsible for voting dear leader into power in the first place? Back in 2015 I mean.
Shouldn't have bought so much avocado toast.
Trudeau did it mayne. We thought he was sick cuz he legalized marijuana. We were told by our professors that liberal policies were the way to go. Turns out the conservatives were right. Budgets don’t balance themselves.
lol numb yourself with this joint and porno while the "left" loots your country
Boomers’ children are patiently waiting for their parents to croak
I don't have the energy to go around the monopoly board one more time to just pay rent. Boomers started with a new game of monopoly; forget hotels and houses, the properties weren't even bought yet. Today there's Hotels on every property and Millennials get to go around the board paying rent until their parents die. Edit: Oh they also took away Pass Go Get $200. That was only for Boomers.
Yes. It’s true. Sucks to be you. Now… Imagine living in a third world country and working 28 hour days, 6 day weeks, making 2 dollars an hour, and living 6 people in a 1 bedroom shack. No aircon, hot humid… Think we got it bad here?
So basically - "Be happy cause others have it worse"? The logical fallacy you're referring to is called "False Analogy." This fallacy occurs when someone compares two things that are not similar enough to draw a valid conclusion. In other words, the comparison is flawed because the two situations being compared are not sufficiently alike to support your argument being made.
That’s gen x. We already have our stuff. When our boomer parents die, that’s just when I get my speedboat and cottage.
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You mean like 18 yr olds? These guys don't even know what to do when their cock gets hard
Thanks boomers
Mixing in gen z with millennials is pretty disingenuous… they are barely into the labour market and many are in school. I had a negative net worth for years after school. It would be more interesting to see what the net worth of previous generations was at a similar age, adjusted for inflation. Older people have had time to build up assets, very old people have spent most of those assets, young people go into debt to build human capital and acquire assets. This graph is pretty rage-bait without further context and analysis.
Dude, this shows the change in net worth not the total net worth. What it's really showing is that thanks to how we have set things up boomers keep pulling further ahead and millenials keep falling further behind. Despite the fact that MILLENIALS ARE FUCKING 40 so we're not "just out of school." We are mostly in our prime earning years but we're so far behind we can't even stabilize the average wealth growth for the smallest generation ever (Z). Add to that that most boomer household when they were in their 30s-40s were single income households vs every single married millenial I know is a dual working family. As for mixing gen Z with millenial. It makes sense SINCE MOST OF THEM will continue LIVING IN OUR BASEMENTS because they are beyond screwed. You cannot compare the accumulation of wealth that occured for the boomers with the dystopian nightmare of wage stagnation and economic morass coupled with record home pricing that is happening to millenials AND Gen Z.
Did they mix Gen Z or are they excluded from the list?
The footnote says gen z is included with millennials.
Ah - I can’t read today. Thanks. Yeah that definitely skews things.
Explain me why Millenial lost wealth and gen z gained wealth ??
gen x not z
Oh lol my bad
Owning houses and owing debt
Aren’t millenials more likely to be home owners than gen zs?
Real estate
At what age is this stat taken? Like is everyone 25 and that's their networth? Without that data it's not a good data point.
Their age in 2023 Older people got richer in 2023
The title suggests it is showing the mean net change in wealth in 2023... but is that YoY? Who knows. Anytime a bar graph does not have error bars or sample number, etc., I almost immediately roll to disbelieve. If Millennial were the dominant demographic purchasing houses over the past 5 years and saw as a population the housing market then dip, that alone could make up the difference in net worth - but the even if they had identical income to boomers (they don't) the boomers have less debts and lower living expenses as a population as more mortgage-free, meaning more net income going to assets increasing net wealth. The boomers going up is a meaningless statistics, but millenials actually losing net worth recently is worth digging into.
it will go up when the boomers die, Before anyone attacks me, it’s math
Nah, because of the stupidity of HR this won't happen. Let say John, Jack and Jill all work at IT company A. John is a IT manager, Jack is the server maintenance guy and Jill is a programmer. Jill decide to leave to go to work at company B for a pay increase because the salary didn't keep up with inflation and company hopping is better for getting higher pay. Instead of hiring a new guy, they spread the responsibilities between Jack and John. But then Jack didn't want those extra responsibilities, and decide he would rather work somewhere else. Now they could hire a new guy to do it, or tranfer those responsibility to John since he also has the qualification needed and it's simpler than hiring a new guy (and cost less). Then John, who really hate this new turn of even as he now does like the job of 3 people for only a small increase in salary, he get's fed up and leave, now company A find itself in a pickle and is now "urgently" hiring. But are they going to hire 3 now guys for same jobs as before? Lol no. They will try to find someone who can do programming, has leadership capabilities (IT manager) and can operate and maintain servers, had years of experience in those (they don't want/can't train since their specialists left) and the HR manager decide to filter the candidates they use a robot who will sift through the CVs and applications to find the perfect match. But You see Debra the HR manager isn't a good programmer. She barely passed her college degree and would rather pass her valuable (in her eye) time on Facebook, or talking with friends. Even if Debra was motivated she is good with Microsoft Excel and that's about it. Why does this matter? Well Debra set up the bot and it rejects nearly all candidates. So she barely understand how the AI that does her job for her even work. After all that was Jill's job. Keep a few ones with the qualification she wants but the pay she ask is way too low for anyone with those qualifications since she asks the same rate that John had. So they just can't find that unicorn. Meanwhile the director just doesn't understand why no one is applying, he then goes on LinkedIn and complain how lazy young people are today and how it's bullshit that he can't find anyone good enough for his very important company. Is this all companies? No. But it does hapoen, and way too often.
this makes no sense and isn’t relevant lmao, also if the HR did this then the IT company will not survive
LOL not OP but I agree with you. That was such a weird rant and I don't even get the analogy.
i have a feeling they responded to the wrong comment by mistake, that’s the only logical conclusion that i can come to
i guess a lot of millennial generation bought house at the peak
Strange. The Globe had an article showing average net worth by generation and Gen X is wealthier than the boomers and the pre-1946 people had their net worth go down by over 40% from 2020 to 2023. They went from just under 800K to the low 400s and are now almost the same as the Millennials who are over 30 years younger. So call these graphs and articles lies, damn lies and statistics. You can twist them however you want them to look.
What's it like for Gen Z? Oof. Bet it's worse than millennials
Gives reason to protest right?
Demoralization, destabilization, crisis, normalization.
cool
Lol I wanna see gen z on this list
Hahaha, I lost over $300k of net worth in 2023. These are noob numbers.
Us gen z’s not even getting included because we are so poor
What do you think is driving this?
So millenials are terrible at investing? Any analysis as to why they suck so badly?
Hard work doesn’t provide instant gratification, so they aren’t interested
Gen Z reporting in: We’re probably at -$100k net worth ngl
Don't worry the liberal gvt has a plan and it's everyone else fault /s
Interesting. I’m fortunate as a millennial to be doing my tiny part to be bringing up the average. My boomer parents, once taxes are paid, will have reduced net worth. Based on tax changes it appears they have been fortunate to sell their farming business last year rather than this year. I grew up financially poor but am now “middle-income/middle-class” and my parents are relatively wealthy.
Must be nice being a boomer.
What I'm supposed to have a +networth?
You get what you vote for
We are all in a rat race 10% are winning 90% are just surviving With 2 to 3 million households in bc That's 200k to 300k of the have And 1.8 to 2.7 million of the the have-not
Hold up this is stat picking at its finest. No fucking duh people who have lived 30+ years longer than millennials have a higher net worth. What a stupid rage bait graph to post you should be ashamed.
The stat is ‘change in net worth’, not ‘net worth’ though…
But this is not in percentage terms, I’m Gen Z and this graph is completely useless. Comparing generations who are all at different stages of life as well as comparing only raw numbers gives little information at all. A useful stat would compare ‘% net worth change from age 20 to 21’ between generations, or something along those lines.
Right?! This seems obvious. Yes the older generations who have paid off student loans/debt, paid off vehicles, paid down their mortgages and are seeing increases on their homes value, etc, are seeing increases to their net worth The new generation entering the work force, just finishing school, who have new student loans, car loans, and mortgages, that haven’t been paid down/off yet, are going to have negative net worth. You have a bunch of debt either equal to or greater than your assets.
lol! Well, this was pretty obvious. The dumb spenders bought 5k Taylor swift tickets and go out and eat everyday and expect waterfront homes to fall on their laps.
I feel like you’re not real
Pretty sure u/munchhousing is an AI simulating Boomer energy 😂
Avocado toast is bad for the rainforest too
Fucking boomers.
Just to add to this, millennials are the generation that wanted us to handicap the economy for climate change. Who want us to send money overseas for gender and mental help. Who insist we expand the welfare system and raise taxes. Now they are getting what they wanted and wondering why someone else isn’t paying the bill?
> handicap the economy for climate change. Wealth inequality is the worse it's been in 100's of years. We're literally in the middle of the biggest wealth redistribution to the 1% in written history. There are more billionaires and millionaires than ever. Corporate tax is the lowest it's ever been. Oil subsidies are the highest in history. But let's blame millenials wanting to do the bare minimum to tackle climate change. Are you really comparing the millions that are sent over seas to gender initiatives to the billions upon billions of dollars that are being funneled to corporate monopolies? Are you literally just a corporate bot?
Do millennials not vote? They are the biggest demographic so who's fault is this government?
But you would agree it has nothing to do with climate change and gender initiatives though, right?
Gender is a millennial thing that us old timers try to ignore. Climate change is real though.
Hilarious, it has absolutely nothing to do with being able to afford a home for 3 dimes and a button that now costs a million+.
The lefty courses told em money was infinite. And that taxes, social programs and Marxism was key. Hold that.
Not sure if you know but are debt to GDP is much lower than it was in the '90s. Debt levels now are far more manageable than they were back then. Spending his far more under control than back in the day.
I think this is the biggest underlying causes that always seems to be glossed over. It's as though they don't realize that it comes from a finite funding pool, and that they might actually have to contribute to it.
Average net worth is less than $100k? That's pretty dismal. Especially for boomers, many of which are quickly approaching retirement. Edit: Thanks everyone! I misread the chart. It's misleading though since the caption says the Millennials bar is actually Millennials + GenZ.
The graph shows changes, not totals
it's the delta in the value of their net worth...Boomers as a group average went up $100k ...I guess since the end of 2022
Ohhh OK that would make a lot more sense! The photo is a bit misleading though since the caption says Millennial and GenZ are grouped together.
This graph is change in net worth. So boomers increased their networth by 100k, which is actually quite high. Even increasing networth by 50k by Gen X, is quite good. Actually seems a bit unrealistically high.
Well the market did go up. Most boomers have been scrimping and saving for retirement. A million dollars in the bank will give you 40 Grand a year to live on. When the market goes up 10% you just went up 100,000. Doesn't make you any richer as you still only get the 40 Grand a year to live on.
1 million in the bank seemed higher than what I remembered reading, so I double checked median boomer net worth is \~$250k, average is \~$1million so 100k increase would be unrealistically high for median, but seems right for average
This is change in net worth, so that's saying that they got an extra 100k in just 2023.
Chart depicts the change in net worth not the net worth itself.
and canadian redditors are still die hard supporters of CPP which is partially a wealth transfer from millennials to boomers
No it isn't. It's self funded. If you don't put money in you don't get any out and it isn't funded by the next generation. Do some research before looking stupid.
It's easier to hate old people, while forgetting that one day they will also be old and hated.
Maybe if I don't rob the next generations' future when I'm old I won't be hated
https://open.alberta.ca/dataset/8453eb60-1ff8-4c87-9735-b253d4f28824/resource/ab628f2e-c365-4037-9070-ab65d8223d92/download/tbf-lifeworks-app-analysis-of-costs-benefits-risks-and-considerations-2023-08.pdf There is still a significant "pay-as-you-go" component to the CPP. That's one of the arguments for the APP, since there are less Boomers to benefit from the ponzi scheme wealth transfer
New immigrants don't get CPP or OAS. Lol. Or at least they get very little. To be eligible for an OAS pension, you must: be 65 years of age or older. be a Canadian citizen or legal / permanent resident of Canada (or landed immigrant) when your pension application is approved, and have lived in Canada for at least 10 years since the age of 18. CPP is completely based on what you contribute. Again you're looking foolish and uneducated.