We Need a Better Generational Deal
The squeeze on younger Canadians is many-sided. High costs for things like housing and child care, stagnant wages, high debt loads, less time and worrisome levels of environmental deterioration and intergenerational debt all take their toll. As individuals and families we're doing our best to adapt, but our politicians need to do more, too.
To ease the squeeze, we’re refining and pushing policies that could save younger Canadians tens of thousands of dollars over the course of their lives, while ensuring our society leaves at least as much as it inherited.
Among other things, we think Canadians in their 20s, 30s and 40s should have a better chance to:
- Pay off student debt
- Find a good job
- Afford a home
- Afford a family
- Save for retirement
- All while leaving at least as much as we inherited; and
- Using and collecting tax dollars better.
Click on the links above for our policy recommendations in support of each component of a Better Generational Deal.
We monitor progress towards a Better Generational Deal in part by measuring the age gap in Canadian social spending. Currently governments combine to spend $33k - $40k per person age 65+ compared to less than $12k per person under age 45. Generation Squeeze asks all political parties to state their plans to narrow the age gap by (i) reporting the age gap in spending in their annual budgets; and (ii) investing further in younger generations. Our research shows that we can achieve many of the goals of a Better Generational Deal by adding $1,000 per Canadian under age 45 -- raising annual spending from $12k to $13k -- while protecting spending on our aging parents and grandparents.