The youngest Canadian households saw their wealth decrease for the first time since the start of the COVID-19 pandemic, prompting them to avoid home purchases and reduce financial assets, Statistics Canada says.
A recent report from the agency shows that the average wealth of those in the youngest age group—in which the major income earner is under the age of 35—decreased by 1.4 percent in the fourth quarter of 2021. By contrast, Canadians aged 35 and older—the group that makes the highest income in their households—saw their wealth increase by an average of 0.8 percent.
