Income gap between young and old growing: StatsCan
New data from Statistics Canada shows that the average Canadian family saw their incomes stagnate and their living standards decline in the last half-decade.
New data from Statistics Canada shows that the average Canadian family saw their incomes stagnate and their living standards decline in the last half-decade while Canadian seniors experienced a significant rise in their incomes.
StatsCan’s recently published 2023 Canadian Income Survey assessed the income levels of Canadians across several demographics and regions, finding a significant gap between Canadians young and old.
The survey found that senior families — defined by the highest income earner being 65 years of age and older — saw an 8.2 per cent increase in their after-tax income between 2019 and 2023 from $73,500 to $79,700.
Market income for senior families rose even faster, up 17.9 per cent from 2019 to 2023 from $44,200 to $52,100.
However, families in which the highest income earner is below 65 years old did not see such an increase, especially for families with children.
In general, non-senior families only saw a 5 per cent increase in their after-tax incomes while market incomes experienced a 4.4 per cent increase from 2019 to 2023. Incomes between 2022 to 2023 dropped slightly.
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How on earth can this be considered news?
Do you folks also revive the old story that the sun seems to rise in the East and set in the West?