How the economic climate has changed, the different generations in terms of money and how the next generation are going to be the generation squeeze. The baby-boomers are heading into the now easier than even retirement stage –now things are about to change. With lower standards of living then seen since 1976 and generation tackling growing debt and shrinking services.
- After Generation X and Generation Y, here comes a new name for young Canadians: Generation Squeeze.
- young families in the country are facing growing financial and time pressures even as their baby-boomer elders head into easier-than-ever retirement.
- It all has the makings of a “silent generational crisis,”
“The baby boomers as parents lucked out, and their children for the first time will not enjoy the same standard of living as their parents,” said Paul Kershaw, a political scientist at the University of British Columbia. “It’s become hard to raise a young family and easier to retire.”
- New families today have a lower standard of living than the baby-boomer generation, even though the Canadian economy has doubled in size since 1976.
- young women contributing to household incomes is up 53 per cent, average household incomes for young couples overall have remained static since the mid-1970s, after adjusting for inflation.
- housing prices during the same period rose 76 per cent nationwide.
- Louis-François Brodeur, a 32-year-old PhD management student in Montreal, says the study resonates with a generation tackling growing debt and shrinking services.
“Between student debts, precarious jobs, the public debt and tough access to homes, it’s normal to feel cornered,” I don’t want to call it a war between the generations, but young people know we’re going to have to find solutions. [Baby boomers] are very numerous and there are fewer of us.” said Mr. Brodeur
Rémi Bourget, a 29-year-old Montreal lawyer with a six-month-old baby at home, says his generation faces the “worst of both worldswith high taxes coupled with growing user fees for health care and other services. ’m paying the debt for the previous generation – plus I’m paying for their retirement and health-care costsThese are our parents and grandparents, but we feel like we’re cleaning up after their mess, while normally it’s parents who clean up after their children’s mess.”