Millennials vs Gen X’ers.

Are millennials better or worse off than Gen-Xers at the same age?

Millennials are now the largest generation of people in Canada. They’re the most educated and diverse generation, but they face unique challenges…

1. Millennials had higher after-tax household incomes than young Gen-Xers. Median after-tax household income between 25 and 34 years old
   • Millennials in 2016 $66,500
   • Young Gen-Xers in 1999 $51,000
2. Millennials had higher assets and net worth than young Gen-Xers, but they also carried more debt.
   • Homeownership, living in Toronto or Vancouver, and having a higher education were three factors associated with higher net worth.
3. Millennials are relatively more indebted… Debt-to-after-tax income ratio
   • 216% Millennials in 2016
   • 125% Young Gen-Xers in 1999
4. Though millennials are entering the housing market at similar rates as previous younger generations, they are taking on larger mortgages.

• Though their median net worth is higher, there are greater differences in economic well-being among millennials. Millennials in the top 10% held 55% of all total net worth accumulated by their generation.

Notes: Unless otherwise notes, millennials represent those between 25 and 34 years old in 2016, and young Gen X-ers indicate those between 25 and 34 years old in 1999.

Results are presented in 2016 current dollars and adjusted for inflation to allow a comparison over time. Statistics provided refer to the age and generation of the major income earner in the household or family.

Assets Vs. Liabilities

Assets are what you own:

• Cash
• The value of your residence
• Artwork
• Automobile
• Checking account
• Collectibles
• Electronics
• Jewelry
• Investment accounts
• Retirement account
• Savings account

Liabilities are what you owe:

• Unsecured debts
• Car loan
• Mortgage
• Student loans
• Accounts payable
• Income taxes payable
• Bills payable
• Bank account overdrafts
• Accrued expenses
• Short-term loans