Millennials have higher incomes and median wealth than the generation before them, but they have also acquired more mortgage debt, according toAs part of a longer series examining debt and wealth of young Canadian households, the statistics agency conducted a study to compare the economic well-being of millennials aged 25 to 34 with Gen-Xers’ when they were that age.
The results of this study are presented in 2016 current dollars and have been adjusted for inflation by Statistics Canada. As for their median net worth, or total household assets minus total debts, millennials reached $70,600 while the median net worth for Gen-Xers was $42,800.Statistics Canada said the millennial generation is relatively more indebted than Gen-Xers before them because they carry “considerably” more mortgage debt.
However, even though homeownership rates among millennials were similar to young Gen-Xers and young boomers before them, the amount of mortgage debt they carried was significantly higher. For example, Statistics Canada said the net worth for millennials in the bottom 25 per cent was $9,500 while the net worth for top 25 per cent was $253,900. Furthermore, the net worth of the top 10 per cent of millennials made up 55 per cent of the total wealth of their entire generation.
Higher education was also an important factor in determining millennial economic well-being among those who attained a university degree in a stronger financial position than those with a high school diploma or less. The median wealth was $116,000 for millennials with a post-secondary education compared to $34,100 for those without one, the study said.
It's the skip the dishes mentality.