scrubbedexpat091

Interesting article.

Younger workers poorer than parents' generation, research says - Business - CBC News


It's true for myself, GF and sisters when compared to our parents at the same point in their lives. Not to mention the excellent retirement benefits my dad gets when he retires that most no longer get it seems.

Shard

Much the same in Britain, hard to find a solution as their have been so many shifts in the way people work, the price of houses and pension schemes. It could be that what we judge as normal, the normal material goals of the 20th century, will transform into something else in the 21st.

plasticcanuck

For many years "experts" have prognosticated that today's youth would not experience the lifestyles/wealth creation of their parents.

beckiwoo

Also a lot of parents/older generation are using their available income/pensions to enjoy their life after work (which is how it should be) and not leaving much of an inheritance. Many of them appear to be downsizing their houses now to free up some capital

JamesM

The reality is on average capital grows 8% and wages at around 1.5 to 3%.

Life is sadly an unsustainable pyramid scheme built on the concept of scarce resources. It's hard to amass capital when you start at zero as it gets further away.

I don't like to dwell on it to much but the above is the gist of why generation by generation it is harder to build wealth.

Once global population growth reaches it's peak and declines this will reverse. Either that or we'll be hit by a meteorite.

dishwashing

And the ice caps are real-deal melting at fast rates, and war still wages on.

Almost Canadian

There was a time that the ice caps didn't exist and life survived according to this chap: Patrick Moore - Better to have global warming than global cooling

Now, I have no idea if he is talking shite or not and, as it was published in the Calgary Herald, I am sure that lots will dismiss it as oil industry friendly claptrap, which, of course, is quite a thing to call Mr. Moore.

War being waged is, of course, mostly a terrible thing.

Gozit

When my grandparents came over here, they had less than a 7th Grade education. My grandfather was able to run a very very successful carpentry business, successful enough that he could retire at 45. Today, even if you go through uni and get a decent job, you'll be lucky to retire at 65. Let alone build your salary up to something reasonable enough to be able to afford to save for retirement AND buy a nice car and go on vacations, etc etc. Its one or the other.

Jingsamichty

What rubbish.

Shard

It's not completely "rubbish", just as now, not everybody has a comfortable working life and a comfortable retirement. There are plenty that are choosing to enjoy now or enjoy later. But there are also many who do go to uni, get a good job, and do have a high standard of living all the way through (so called middle class).

The current issue is that the size (proportion) of middle class people is shrinking. But it will always exist, and if anything what constitutes a good life will adjust slightly (eg. living in a smart downtown condo instead of suburban palace). Best to keep your aspirations high, especially at your life stage.

Gozit

Exactly. That's what I was thinking. And today, the benefits (pension,health insurance, etc) that employers are giving out are less compared to what they used to be.

Shard

Your age group will probably be retiring at 80 !!
So plan on getting rich quick!

scrubbedexpat091

I don't even plan on retiring. Knock on wood I can work til death. No way to save sufficient funds for retirement, wage barely covers existing costs, let alone future costs.

Plus its complicated for me to save for retirement because my partner is on disability and has asset limits, and I am a USC and it opens complicated tax implications to the IRS and I can't afford tax experts to advise me and deal with that.

I think retirement will be less and less the norm except for high end earners and above, anyone middle class and below, probably wont be able to with companies no longer providing pensions and retirement benefits.

As for living downtown vs suburbs, don't see that happening in Vancouver, Vancouver downtown is for the wealthy, its not middle class friendly, let alone low income friendly. People may not buy in the burbs but I don't see downtown regions in major city's becoming affordable enough for middle class and below.

Gozit

Shitty news, tbh.

Tirytory

But because of the advance a in technology/cheap flights etc, maybe there is a difference in perception in what constitutes a better life or more well off, with more aspirational goods/houses/tv/phones to buy perhaps every generation will seem to fail...even if they don't. It's hard to argue with Gozit's granddad or the retirement date we can only watch sail past us but neither is he the norm... Nor does it make me feel poorer.

We are both of us better off than our parents...even without my husbands wage I would have been ok on my own but I suspect I set my standards low. I'm not hugely drawn to "belongings". We have tried to future proof our children though- we bought a house in the UK to rent out which will hopefully go towards a deposit for their first house and only that. I see affordable housing as the single biggest problem financially in their future, and I would rather my children move out at a decent age!