These 5 Charts Show Why Canadian Millennials Have It Better Than American Millennials
“Millennial females narrowed the male-female gap faster than any other cohort before them.”
The job market sucks, your student debt is grim, and Baby Boomers won't retire to help you move up. Such are the complaints of many Canadian millennials. But a report from TD Economics suggests they have it better off than their American counterparts.
Diana Petramala, an economist for TD Economics who co-wrote the report, told BuzzFeed Canada it's often assumed this generation has it worse than their parents.
"In the U.S. it's pretty clear cut they have had it a bit harder," she said. "But when we dig into the numbers [in Canada] it's not exactly what you see."
These five charts show that Canadian millennials aged 25 to 34 have it better than American millennials — and in some cases better than their parents did at the same age.
TD Economics
"Every time we hear about millennials people think about youth unemployment," Petramala said. But the unemployment rate for Canadians aged 25 to 34 is 6.7% — nearly four points lower than what their parents experienced in the early 1980s.
In contrast, the unemployment rate in the U.S. for those aged 25 to 34 averaged 8.6% between 2010 and 2013.
"I can see that my friends and the people I graduated [university] with are in good paying jobs," said Petramala, who is 32.
One theme identified by Petramala and her co-author is that millennial women are making big strides in employment and income.
"More educated than their male counterparts, millennial females narrowed the male-female gap faster than any other cohort before them," they wrote.
TD Economics
This chart of personal income shows Canadian women have seen their personal income grow steadily over the past 20 years. More women are entering and staying in the workforce, and they are earning more. (Though still less than men.)
TD Economics
As shown below, women are driving growth in household income for Canadian millennials versus their American counterparts. The report said the rise in income coincided with the "expansion of parental leave in Canada from 10 weeks to 35 weeks" in 2000.
With expanded leave, more Canadian women felt they could work and have a family, according to Petramala.
"You can take that pause and then come back to your job," she said. "It also might mean that women are more wiling to take higher-income jobs because they can do both. They can career plan and still have their family."
TD Economics