For millennials in Canada, the MiddleClass dream slips a little further away: OECD
With a federal election coming later this year, expect politicians to be talking non-stop about the middle class and its importance to the country.
The picture is as bad or slightly worse in Canada as in the average OECD country, said the report, which calls for various government measures to tackle the problems. Across the organization’s 36 member countries, the portion of citizens considered middle class fell from 64 to 61 per cent between the mid-1980s and the mid-2010s, says the report.Coupled with the contracting centre was a surge in the number of upper-income earners — those making more than 200 per cent of the median — who also cornered a greater chunk of their nation’s wealth, says the report. The middle-class slice of the financial pie fell even faster than the number of people in that bracket.
To make matters worse, housing costs have risen at twice the rate of inflation, so the middle-income earners spent almost a third of their pay on accommodation in 2015 — 29 per cent in Canada — up from 25 per cent in 1995.Just 59 per cent of Canadian millennials – born from 1983 to 2002 – made it into that sector by their 20s, compared to 67 per cent of baby boomers, defined as those born from 1942 to 1964.
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