We know our parents and grandparents worked hard and saved hard for their retirement. We can see it in their comfortable retirement and multiple mortgage-free homes. However, young parents are finding that they are no where near progressing as well as the baby boomers, and they’re wondering why.
The boomers lived in a great time, where the housing market worked in their favour by increasing in value of 76 per cent over their adult lives. Furthermore, boomers have put more pressue on political parties, bringing forth the Canada Pension plan and the Medical Care Act, ensuring that they will be taken care of in their senior years.
On the flipside, young parents are faced with soaring housing prices. They live in an economy with a national debt that has nearly tripled. Their lack of involvement with political parties have led to policies still favouring the boomers. So all in all, young parents are running households with smaller piggy banks.
For the full article: http://www.vancouversun.com/life/Struggles+next+generation/5457701/story.html