Generation Y is more financially savvy than past generations and are in a position to be the most prosperous generation in history, according to a recent study.
Statistics Canada found 51% of Gen Ys (born between 1981 and 1990) lived with their parents last year, compared to 31% of Gen X and 28% of late boomers.
Despite this trend, the study also found that members of Generation Y were just as likely, if not more, than previous generations to be employed in their 20s.
Economists report that many Gen Ys are leveraging off wealthy baby boomer parents to create their own financial stability before pursuing marriage, children and home ownership.
As a result this generation, also referred to as echo baby boomers, are poised to be much better off financially than any previous generation.
This generation is the second largest demographic in Canada and a growing economic force. Of this population segment, only 30% are homeowners, however they will be in a good position to realize their home ownership dreams as baby boomers downsize.
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