A new report by BMO Economics suggests that young Canadians, specifically those between 25 and 34 years old, are on average richer than their parents were at that age.

Millennials had a median income of $34,700 in 2011, compared with $33,900 (when adjusted for inflation) among those in the same age bracket 30 years ago, says the report.

The report suggests young families are also wealthier than their parents were. It said the median net worth of households headed by someone aged 25 to 34 years was $52,000 in 2012, almost double the inflation-adjusted median net worth of $28,752 of a comparable household in 1984.

However, although they may be richer, millennials also have more debt than their parents at the same age.

The number of millennials who have a mortgage, at 85.6 per cent, is higher than those in the same age group, at 79.2 per cent, in 1984.

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