Seniors today have never been better off financially. And they are four times richer than their parents were at the same age in the mid-1980s, according to a new report from BMO Economics, released today.
The second part of a study, the report examines market and financial indicators affecting seniors (those 65 years and older) compared to the mid-1980s the first part released in May found that Millennials — those aged 25-34 years — are faring better in terms of jobs, wealth and income than their parents were at the same age, but are juggling increased debt and higher housing costs.
"Many Canadians 65 years and older have benefited from strong equity, bond and real estate markets, rising participation in the workforce, and higher pension benefits," says Sal Guatieri, senior economist, BMO Capital Markets. "The financial position of young families has improved since the 1980s, but has greatly lagged seniors. Barring a high-paying job, most young people will be pressed to replicate the financial success of their grandparents and parents."
Among the report's key findings:
