Millennials richer than parents

A BMO economics report suggests many millennials — people between 25 and 34 — are richer than their parents were at that age.

BMO says millennials had a median income of $34,700 in 2011. That’s up from $33,900 when adjusted for inflation among those in the same age bracket 30 years ago.

“In 1981 we only had about 10 per cent of people who were doing post-secondary education. Today that numbers nearly doubled,” said Marvin Ryder, a professor at McMaster University’s DeGroote School of business. Ryder also said that more people are graduating from high school, meaning a better trained, more educated workforce that is likely to earn a higher income.

The report suggests young families are also wealthier than their families were. Net median incomes for a millennial head of a household was $52,900 in 2012. That’s nearly double the $28,752 in 1984.

Although they may be richer, millennials also have more debt than their parents did.