Front Burner Encore: Canada’s millennial ‘Jackpot Generation’
Dec 30, 2024
Katrina Onsted, a freelance reporter and producer for the Globe and Mail’s tech business podcast, dives into the staggering inheritance expected for Canadian millennials—up to one trillion dollars from their boomer parents. She unpacks the generational economic divide, exploring the struggles millennials face like student debt and stagnant wages. Onsted discusses the emotional complexities of inheritance, including guilt and obligation. The conversation highlights the potential societal impacts of this wealth transfer amid rising economic challenges in Canada.
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Boomers' Economic Advantage
- Baby boomers benefited from a post-war economic boom, affordable housing, and well-funded public institutions.
- This created a foundation of wealth that many millennials now stand to inherit.
Millennial Debt Burden
- Unlike baby boomers, millennials face skyrocketing tuition costs, resulting in significant student debt.
- This, coupled with lower wages and expensive housing, creates a financial burden as they enter adulthood.
Unequal Inheritance
- Canadian millennials are expected to inherit nearly $1 trillion, with an average inheritance of $940,000 for those receiving 100% of their parents' estate.
- However, this wealth transfer is primarily tied to housing wealth, leaving a significant portion of millennials without inheritance.