Potential Retirement Crisis: Generation Y

Many 50-something parents may not find this particularly surprising, but sometimes validation is gratifying. Stats Canada has found that, at ages 20 to 29, members of Generation Y (born between 1981 and 1990) were more likely to be in school and at home with their parents than their counterparts in the Baby Boom and X generations. This will have implications on pension accumulations (CPP and private) and pension vesting later in life for this generation.

Here are the statistics: At age 20-29, 31% of members of Generation X (born between 1969 and 1978) lived at home with their parents as compared to 51% of Generation Y. At the same age, 29% of Generation X members had children, compared to 19% of Generation Y.

ADDITIONAL EDUCATIONAL RESOURCES: Debt and Cash Flow Management