Do millennials have it tough, or should they toughen up? That’s one of the questions answered by Angus Reid’s latest survey.
Results shows 53 per cent of Canadians agree millennials have it harder than past generations. But 47 per cent say starting out has always been tough – saying young people today are “too soft.”
“I think for this generation it’s just the gap of the affordability of how much you really need to be able to afford a house, and payments, and car payments, and insurance, has gone up a lot,” said Bhavneet Toor, a millennial and business entrepreneur who still lives with her parents.
READ MORE: Living with parents until mid 30s more common than ever
Bhavneet is a university student who started her own business – Buddha Beads – from her parents’ home.
She says moving out while trying to run her company and save money is close to impossible.
“A single income – even if you are making, let’s say, $50,000 a year – is still just cutting it.”
Jobs are also difficult to come by – for Canadians ages 15 to 24 the employment rate sits at just over 55 per cent.
“This squeeze that younger Canadians, including millennials are feeling its real, and it’s great to see that Canadians of all ages are recognizing that,” said Executive Director of Generation Squeeze, Eric Swanson.
READ MORE: Vancouver millennials have lowest discretionary income in Canada: Report
Angus Reid Executive Direct, Shachi Kurl, says although parents may not be thrilled about having their children stay at home for so long, they understand the difficulties.
“They do recognize a lot of the factors, particularly in Greater Vancouver and our other big Canadian cities,” said Kurl.
“My parents have told me, ‘stay at home for as long as you can, we’ll help you out, we totally get it. We rather you be mentally and financially set at home before you take your life forward.'”
With files from Nadia Stewart
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