- Canadian parents are raising children with far less money and time than their baby boomer predecessors, despite the doubling of the Canadian economy since 1976
- At the same time, Canadians approaching retirement are wealthier than ever before, setting up an intergenerational tension that threatens young families
“What we’re seeing is something I call ‘Generation Squeeze,’ ” said lead researcher Paul Kershaw.
- Average household income has flatlined since the mid-1970s, the report noted, while housing prices have increased 76 per cent across the country, leaving parents of young children facing a higher cost of living.
- That same phenomenon has boosted the wealth of retiring boomers. Numbers are adjusted for inflation.
- In Ontario, housing prices jumped eight times faster than household incomes for young couples, even though women have increased their participation in the labour force by almost 40 per cent since 1976.
“The generation raising young kids today is squeezed for time at home, squeezed for income because of the high cost of housing, and squeezed for services like child care that would help them balance earning a living with raising a family,” said Kershaw, associate professor with UBC’s Human Early Learning Partnership.
- three policy changes: parental benefits, including for self-employed moms and dads that would allow one parent to stay at home for the first 18 months of a child’s life, up from the current 12 months; $10-a-day child care; and mandatory flextime for employees and employers.