*Generation Squeeze’s latest report shows there is no uniform squeeze on the middle class as suggested by federal opposition parties, nor a uniform gain as urged by the Prime Minister. The squeeze is real, but it primarily hurts Canadians under age 45.
We report that:
- Canadians in their mid-40s and younger earn thousands less for full-time work compared to 1976- 1980 even though they devote years more to postsecondary.
- The typical young person has to work five years more to save a down payment on an average home.
- Despite low interest rates, today’s young person works a month more per year to pay the mortgage.
- The same housing prices that squeeze younger generations for time and money drive wealth accumulation for those aged 55+ by at least $165,000 compared to the same age group in 1977.
- Added wealth for those 55+ comes on top of improvements to total household income that are $14,000 to $17,000 higher than in 1976-1980.
This information is critical heading into the federal budget and election, because Canadian governments of all political stripes have failed for decades to prioritize younger generations with the same urgency they prioritize others when establishing their spending goals.
*Generation Squeeze is a national organization building a lobby for younger (40 years old and under) Canadians.