Canadian Millennials Are Absolutely Crushing Slacker Americans On The Financial Front According To A New Study
According to a new study from TD Bank millennials in Canada (18 to 34) are absolutely BEASTING American millennials on the financial front, with an average net worth that is DOUBLE their American counterparts…but it gets worse.
The Candians are beating us on nearly every metric of success (aside from ‘being badass’, we’ll always win that category:
— Over 50% of Canadian millennials own their own homes. That’s compared to just 36% of American millennials.
— Canadian millennials are worth DOUBLE what their parents were worth just a generation ago.
— Americans are drowning in debt compared to their Canadian counterparts, with the average Canadian millennial carrying C$16,400 in debt (2013) and the average American carrying a debt of $27,000 USD.
So why are Canadians destroying Americans on the financial playing field? Well, the Canadian housing market’s been killing it for quite some time now. That’s led to the parents of Canadian millennials having a lot more money to help out their children than here in America. Furthermore, the strong presence of women in the Canadian workforce is believed to be the reason that they’re beasting us.
The study says that is due “in large part” to the fact many more millennial women are in the workforce in Canada than is the case in the U.S. The employment rate for women in Canada has been rising for decades and is near an all-time high, while in the U.S. it peaked in 2001 and has been falling.
“It’s likely not a coincidence that this timing overlaps with the expansion of parental leave in Canada from 10 weeks to 35 weeks,” Caranci and Petramala write in the report.
“While female participation rates continued to climb in the decades that followed, that of their American counterparts stalled out.”
For more on why Canadian millennials are kicking our asses in the work force you can CLICK HERE to head on over to The Huffington Post Canada.