Are 30 somethings earning more than their parents? Study says “yes”
Canadians who turned 30 between 2000 and 2014 had a family income that was equal to, or greater than what their parents earned at the same age.
OTTAWA — A new study from Statistics Canada says that Canadian children have, on average, fared better financially than their parents.
The research finds that of Canadians who turned 30 between 2000 and 2014, between 59% and 67% – depending on the year – had a family income that was equal to, or greater than what their parents earned at the same age.
A similar finding came up when looking at Canadians who turned 40 during the same time period.
The study says between 61% and 67% – again, depending on the year being looked at – of those in the study had a higher family income at age 40 than their parents did at the same age.
Statistics Canada says that any variations between years appears to correspond with general changes in the economy, a reference to the downturn in 2009 and the slow rebound that followed.
A closer look at the numbers shows children with parents at the lowest income levels were more likely to have a higher family income than their parents did at age 30, while the opposite was true for those whose parents were among the top income earners.News from © Canadian Press Enterprises Inc. 2016