[Newsbot]

Title: Millennials richer than their parents were at their age: BMO report
Category: lifestyle
Posted By: Regina
Date: 2014-05-16 06:15:18
Canadian

[andyt]

But, but the boomers, the boomers

[BartSimpson]

The amount of monopoly money in one's wallet is not the same as purchasing power. Our parents were better off than we were by far.

[andyt]

(when adjusted for inflation)

[Regina]

BartSimpson BartSimpson:

The amount of monopoly money in one's wallet is not the same as purchasing power. Our parents were better off than we were by far.

Not here they're not.

[andyt]

Of course this is statistics Canada data. The 30 old stuff may be valid, but as for the current set....

[BartSimpson]

Regina Regina:

BartSimpson BartSimpson:

The amount of monopoly money in one's wallet is not the same as purchasing power. Our parents were better off than we were by far.

Not here they're not.

Ah, true.

I remember the halcyon days of 1994 when I first visted Canada and (due to the exchange rate) Lisa and I could have lunch at McDonald's and pay with a US$20 bill and get back more than CDN$20 in change!

The good old days.

Of course, that was before all those nasty conservatives came along and bolloxed up socialism and made Canada the most prosperous country (per capita) in the Western hemisphere.

Bastards.

[Canadian_Mind]

These articles are always unspecific. I do agree that the age group cited is probably making slightly more than their parents. If I was in the range I would ever-so-slightly skew the number upwards. But I'm curious about the numbers behind the whole average. What was the average per year of age? What are the percentiles for every 10k of income, what are the percentiles for every 10k of income per year of age, etc.

Also, despite the 2% increase in income. It doesn't mean a 2% increase in purchasing power. How much has the average yearly expenses gone up or down compared to the average wage? If it has gone up as little as 2%, then the benifits of the wage gain are completely erased.

[Regina]

The disposable income these days is obscene. Some of the things that current lifestyles are considered essential is ridiculous compared to years ago.

[martin14]

Canadian_Mind Canadian_Mind:

These articles are always unspecific. I do agree that the age group cited is probably making slightly more than their parents. If I was in the range I would ever-so-slightly skew the number upwards. But I'm curious about the numbers behind the whole average. What was the average per year of age? What are the percentiles for every 10k of income, what are the percentiles for every 10k of income per year of age, etc.

Also, despite the 2% increase in income. It doesn't mean a 2% increase in purchasing power. How much has the average yearly expenses gone up or down compared to the average wage? If it has gone up as little as 2%, then the benifits of the wage gain are completely erased.

When you consider the price of houses, gas, electricity, and basic food, it's not even close.


I'll bet a select few are doing quite, while the rest are really struggling.


BMO is just throwing bullshit around to get people to buy more houses.





p.s. It's all Gen Y, millenials haven't started working yet.

[Canadian_Mind]

That's what I'm getting at. From my perspective, food costs more, housing costs more, heating (whether cas or electric) costs more, electricity costs more, automobile ownership costs more, and water costs more.

[bootlegga]

martin14 martin14:

p.s. It's all Gen Y, millenials haven't started working yet.

Gen Y are the Millenials...

http://en.wikipedia.org/wiki/Millennials

[bootlegga]

$1:

However, although they may be richer, millennials also have more debt than their parents at the same age.

That's the kicker - kids may earn more than their parents did, but with huge student loans and inflated housing prices, they have way more debt than previous generations did.

[2Cdo]

My son at 23 made far more than I did at 23. A ridiculous amount more even when adjusted for inflation. He doesn't have any student debt and just bought a condo in Grande Prairie putting about 30% as a down payment. He figures it will be paid for in about 3 years.

[Regina]

bootlegga bootlegga:

$1:

However, although they may be richer, millennials also have more debt than their parents at the same age.

That's the kicker - kids may earn more than their parents did, but with huge student loans and inflated housing prices, they have way more debt than previous generations did.

There wouldn't have been nearly as many Millennial parents with student loans anyway. That's more a recent phenomena.