- 20-to-35-year-olds are in crisis, reeling from a uniquely vicious financial assault
- They’re staggering under debts, fighting to get a toehold in the Lower Mainland housing market and watching their household incomes shrink.
- “Generation Squeeze,” reflecting the pressures that mount as their living standard slumps.
“We are talking about a massive social and economic change — one akin to a silent but no less damaging earthquake in our environment.”
- Experts in personal finance pin the blame for young adults’ plight on an unholy trinity: poor role modelling by parents, lavish spending, and the economic pressures of out-of-reach house prices, dwindling real income and daunting student loans.
- House prices have risen 149 per cent since 1976 while young couples’ household income fell six per cent in this period.
- Half of 18-to-34-year-olds call their knowledge of personal financial management fair, poor or very poor.