“Millennial Generation” Living in Canada Doing Well
Sometimes, there are news reports or articles claiming that the “Millennial Generation” has it rough compared to earlier generations; however, young adults between the ages of 25 and 34 who live in Canada actually tend to enjoy a rather high standard of living. On December 1, 2015, TD Economics released a new report which details the many ways in which Canada’s Millennial Generation is doing significantly better than previous generations of Canadians in the same age group, as well as most “millennials” in the United States. According to the two economists (Beata Caranci and Diana Petramala) who wrote the report, “Canadian millennials are faring better economically than is commonly portrayed.”
For example, the TD Economics report, reveals that Canadians born between 1980 and the Year 2000 (i.e., the “Millennial Generation”) have a higher rate of home ownership than earlier generations, with 50% of Canadian millennials owning their own home in 2015 versus 40-43% for Canadians from the “Baby-Boomer Generation” (people born around 1945-1965) and “Generation-X” (people born 1965 to 1980) when they were the same age. In 2015, Canadian millennials also have a higher rate of home ownership than American millennials (50% of Canadian millennials own their own home vs. 36% of the young adults from the Millennial Generation in the USA who are homeowners).
Furthermore, Canadians in the 25-34 age group tend to have more education than earlier generations of Canadians, plus they owe less student loan debt and possess greater wealth than their American counterparts from the same cohort. The report also says that while many Canadian and American millennials experienced difficult times during the recent “Great Recession” that started around 2008, young adults in Canada bounced back financially faster than those aged 25-34 in the United States.
These are just some examples of how young adults and their families who live in Canada are enjoying a high quality lifestyle. This is generally true for millennials who were born in Canada, as well as people aged 24-35 who immigrate to Canada.
In fact, the Canadian government recognizes that millennials are in the prime of life and have the potential to work in Canada and contribute to its growing economy for many years to come. This is partially why skilled foreign workers in the 18-35 age group who apply for Canadian immigration through the points-based Federal Skilled Worker Program (FSWP) can be awarded the maximum points possible for the age factor. Points can also be given toward Canadian immigration under the FSWP for other factors considered important for skilled foreign workers to possess (e.g., English and/or French language skills, education, work experience, qualifying Canadian job offer, and “adaptability”). Skilled foreign workers who receive at least 67 points out of the 100 points possible, pass health and character criteria, and meet other requirements, may be eligible to apply for “Express Entry” to Canada.
Therefore, if you are a “millennial” in your 20s or 30s (or even if you are a bit older from “Generation-X”) and want to find out if you are likely to qualify for Express Entry immigration to Canada, click here!
