Canadians have never been richer, but good luck trying to tell them that.
What happened: The median net worth of Canadian households soared by over a third between 2019 and 2023 to hit $520,000, according to a recent Scotiabank analysis. Households under 35 nearly tripled their net worth to $159,000 over the same period.
- Traditionally less wealthy groups, including young adults, saw the sharpest gains in relative net worth, partly as a growing share build up equity in new(ish) homes.
- The data even suggests that today’s Gen Zs and young Millennials enjoy a higher net worth than Boomers did in 1999, when they were mostly aged between 35 and 44.
Why it matters: On the whole, the numbers look great — but there’s a growing disconnect with how different age and income groups see the economic picture. “We still don’t feel OK,” Rebekah Young, Scotiabank’s head of inclusion and resilience economics, told The Peak.
Bottom line: The reality may vary for Millennial homeowners, newly graduated Gen Zs, and low-income renters. Young says that governments could help those who feel left behind by improving drivers of wealth creation, from savings incentives to private pensions.—SB