Gen Why

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   By Guest Blogger Tatiana Enhorning
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What’s with this enormous young cohort taking over the workforce en mass? People think they’re entitled, demanding and overly idealistic, never having lived through any true hardship. It’s the same rhetoric heard about Baby Boomers in the 1960s. Now it’s used to describe the Baby Boom Echo.

Millennials are technically ‘Generation Y’. Very apt, with all the questions flying around: why are so many still living with parents? Why are Millennials in so much debt? Why are they so “house horny”?

So, qho are Millennials and why should we care? As of 2020, says Pew Research, we’re the largest cohort in North America, the largest portion of the workforce and largest consumer group. Major corporations are trying to learn what makes us tick, even hiring consultants specifically to better understand Millennials. They know it will pay to get inside our heads.

Contrary to popular belief, a cohort isn’t just age-based. Generational cohorts were originally construed after WWII so businesses could better understand each generation – and make money. AS it turns out, Millennials actually have a lot in common with their parents.

Raised by Boomers, we learned many life lessons like “real estate is the best investment” and if we play the game, our parents will give us a participation trophy. That’s right, Boomers did that. But life beat reality into us early on. During our formative years, we watched as an airplane full of families crashed into a skyscraper, sending one of the world’s perceived strongest countries into a tailspin of fear and protectionism. Sure, there is always geopolitical unrest but for decades this hadn’t been quite so close to home. Millennials are the youngest generation to remember Nine Eleven. Feeling terrorists could get us at any time, made life look fleeting.

Millennials were also brought up to value work and education. Baby Boomers worked hard, and were rewarded. So their children became the first generation primed from a young age to be good labourers. Even play was educational. These tenets instilled in us that ultimately, our value to the world is our work. We were taught to go to university – it would set us up for a successful career and, therefore, a successful life.

But while many of our Boomer parents with an undergrad diploma were guaranteed freedom-55, as soon as GenXers and Yers tossed our mortarboards in the air, we realized there was an oversaturation of bachelor’s degrees. Ours was not special and would not necessarily get us that dream job…or any job for that matter, as many Millennials graduated into the global financial crisis of 2008-2009. So while the Great Recession affected everyone, it especially hit people without established careers. This slow start stunted salaries for years afterward. The lesson? Hustle harder. So many of us then decided the best course of action would be to get more education to help set us apart – hence the delayed entry into the workforce and massive student debts which still plague many.

Another major difference for Millennials: pensions. Over the past few decades private-sector corporations have clued into how expensive DB plans are and cut them. The ‘golden parachute’ Boomers enjoyed has been replaced by a build-your-own model, the DC pension. If you do a bad job and it doesn’t fly, by the time you leap off into retirement, too bad. It’s critical to fend for yourself, research your defined contribution plan, max it and ensure you choose correct investments inside it!

Interestingly, because we came of age during geopolitical turmoil and two major stock market declines Millennials have turned out to be relatively conservative investors. Almost on par with the risk tolerance of our grandparents who grew up during the Great Depression! Other than the lure of cheap mortgages, Millennials are actually less likely to take on car loans or credit card debt. Those who have scraped together a few dollars to invest tend to love basic and boring balanced portfolios. Despite setbacks, the hippy-like optimism we inherited persists: we saved, made smart investments in ourselves, and felt we had tons of time to build our wealth. Then, BOOM… COVID-19. Wages were cut in half. Then as that horrendous period passed, we’ve rekindled the dream to live as our parents did – build families and buy real estate. Until we get smacked across the face with the reality of this graph – truly a thing of nightmares.

Source: Statistics Canada

Wages and debt are no match for Canadian house prices. That dream is dead. Sure, Boomers who bought property in 1980s had affordability issues – another similarity – but they were also more likely part of a dual-income household. Now many Millennials must come to terms with renting forever. Thus, this generation will have to take a different path to achieve a comfortable retirement. Despite Millennials being stereotyped as lazy, out of touch with reality, and selfish – we have had to learn to protect ourselves.

We must pay down student debt, build our own pensions, and likely ‘pay someone else’s mortgage’ for life. So while we’re slogging away on that, we balance working for our future while enjoying life in the present. We would be stupid not to. And that may mean splurging on avocado toast now and again. Get over it.

Tatiana Enhorning is a Financial Advisor with Turner Investments. She builds and maintains portfolios for clients across Canada, and has been in the business as an asset manager for more than a decade.

 

125 comments ↓

#1 Oh brother on 07.22.22 at 4:07 pm

Do mellenials ever stop complaining? Eyeball.

#2 yorkville renter on 07.22.22 at 4:12 pm

so… it’s different this time? hehe

Now many Millennials must come to terms with renting forever.

As a ‘young’ 45 year old, all I’m going to say is this — just wait another 12-18 months and you’ll see if the dream of home ownership is truly just a dream.

I remember the crash in the early 90s as a young teen and it crushed the market – HARD.

Hard to believe, but we all know it to be true.

#3 Chris From Calgary on 07.22.22 at 4:12 pm

I’m one of those lurking millennials on this blog, if I didn’t come across Garth’s blog 10 years ago, I too would have bought into the housing craze of the last few years just like all of my friends have. No matter how hard I preach the wise words of Garth, nobody listens because, they too, want a house and grow a family. And can you blame them? This post was a breath of fresh air and summarized the millennial experience well. Even after all the inflation and drop in housing prices, my parents still asked me this morning: “So you think you will buy a house soon?” Seriously, with this kind of persistent questioning/expectations, how does any millennial not own a wealth-draining house? Also, “Study/Work hard and you’ll have a fulfilling career”…Anybody been following the mass layoffs and rescinding of offers? Perfectly smart-hardworking adults were laid off because their respective companies couldn’t handle a spreadsheet and spent all their VC money. Welcome to 2022.

#4 move over on 07.22.22 at 4:14 pm

why not move to another jurisdiction where it’s cheaper?

if you want to stay in Canada, there are a lot of places to buy homes that aren’t in the GTA.

if you have a second or third passport, i can think of a lot better options than staying here.

#5 tc-contra on 07.22.22 at 4:19 pm

You lost me at:

“During our formative years, we watched as an airplane full of families crashed into a skyscraper, sending one of the world’s perceived strongest countries into a tailspin of fear and protectionism.”

Sometimes I’m oh so envious of youthful innocence!

#6 Kootenay Dave on 07.22.22 at 4:21 pm

Buy a home, invest in a GIC, and receive a DB pension… set for life LOL.

#7 Mill Pilled on 07.22.22 at 4:22 pm

Great article!

“We must pay down student debt, build our own pensions, and likely ‘pay someone else’s mortgage’ for life. So while we’re slogging away on that, we balance working for our future while enjoying life in the present. We would be stupid not to. And that may mean splurging on avocado toast now and again. Get over it.”

Glad to see Garth permits such thoughts to be uttered within his organization. I hope you face no reprimands for speaking these truths, other than a few Boomer guffaws and headshakes (to which we millennials are now comfortably acquainted).

However, ‘paying someone else’s mortgage for life’ is and should be considered unacceptable in the long run. See, we aren’t talking about comparing rent vs buy on a studio apartment. We are talking about renting/buying a studio apartment and not having a family, or BUYING a house sufficient to raise a family in. RENTING is not really an option in that latter case, in the cities where the best job opportunities are.

What Boomers have come to expect of millennials is to, in effect, raise a family in a 2 bedroom Condo (or 3 bedroom townhouse if you’re really successful). Boomers want their grandchildren to be born and raised in smaller and smaller homes, under the thumbs of greedy landlords. Boomers are selfish, uncaring narcissists, who project their own personality disorders onto millennials. They refuse to acknowledge how important HOME ownership is for Millennial families. It is important and we should stop pretending that there are meaningful alternatives for anyone who wants to do something more than have a cat and an X-box in their life.

#8 enthalpy on 07.22.22 at 4:26 pm

Millennials surviving the 3rd once-in-a-lifetime economic crisis.

#9 Kurt on 07.22.22 at 4:30 pm

We can see from the graphs that the CPI shelter index is basically fraudulent. This is because of political influence over the Bank of Canada, and has been going on for a very long time. Unfortunately, people vote the economy, and so any government will propose a governor who believes more stimulus is required and the board will rubber-stamp it. The house price mess has many causes, but the trail leads back to politicians – and the entitled children who vote for them.

#10 Grazie on 07.22.22 at 4:41 pm

So what happens to Gen X? Did this generation just disappears from this world? Is planet Earth only populated by Boomers and Gen Y?

#11 Sail Away on 07.22.22 at 4:47 pm

Thanks Tatiana, good writeup.

People are people, regardless of mostly meaningless labels and generational markers. Everything is on a continuum and may change slowly, but definitely not at an arbitrary ‘generation next’ point.

I work with many millennials and find them to be good workers, quite similar to other employees of all ages and generational cohorts, and well within the spectrum of normal human beings.

It is true that millennials, as is also true of all humans that came before them, will encounter unique and perplexing conundrums. But they’ll figure them out.

#12 wuhan we got y'all in check on 07.22.22 at 4:48 pm

what happened to the post from July 18 – you’re not special?

#13 TurnerNation on 07.22.22 at 4:50 pm

#49 Mehling on 07.21.22 at 8:03 pm
Blackstone Prepares A Record $50 Billion To Snap Up Real Estate During The Coming Crash
https://www.zerohedge.com/markets/blackstone-prepares-record-50-billion-snap-real-estate-during-coming-crash

^^ Yep. I maintain global WW3 was kicked off March 2020. Wars are fought over LAND.
The Long Game is being played. 2.5 years into it time for some spoils.
It all makes sense when you realize that the world is actually run by the handful of big investment corps. and Big Tech. Together they hold more money, and more data on us than God.

——– “Affordable housing” haha yep just take what our rulers tell us and flip 180 degrees to make sense:

https://storeys.com/toronto-raises-development-charges-fees/
“Toronto City Council Votes in Favour of Raising Development Charges Nearly 50%”

—- Travel. Fuggetabout it. Even the unions appear ready or ordered to help leverage this perpetual crisis/travel reset??

.WestJet employees in Calgary, Vancouver could be on strike by next week (vancouver.citynews.ca)

#14 Big Bucks on 07.22.22 at 4:51 pm

Even if the average house in TO crashes 40% it’s still going to cost over $800,000.With a 5-7% mortgage instead of one at 2-3% nobody will be any better off.Rents are insane now so doubling ,tripling up like we did in Uni will have to suffice—or just live at home until the parents leave the house which is now worth 40% less.That in itself will start a new round of complaining.

#15 AP on 07.22.22 at 4:51 pm

Gen X doesn’t complain. We just push forward and keep on keepin’ on, ya know?

#16 catnogood on 07.22.22 at 4:51 pm

Nice graph, but note that straight lines do not stay straight forever. There is a convergence a comin’.

#17 Grumpy Panda on 07.22.22 at 4:55 pm

In any generation some will do well and some will not. Few consider the value of time and trade years and dollars for a piece of paper. If you are at the top of a class in the right program it probably pays off. For the rest it is probably just a way of postponing adulthood. And means you can look forward to retirement in your sixties with aches and pains you can’t explain.

#18 PBrasseur on 07.22.22 at 4:58 pm

This generation has been pampered so far, like no other generation before them.

That’s all about to change. That’s what utopias usually do.

#19 TurnerNation on 07.22.22 at 5:01 pm

O boy Smoking Man would have had a field day with today’s weblog entry.

#20 Stone on 07.22.22 at 5:08 pm

#15 AP on 07.22.22 at 4:51 pm
Gen X doesn’t complain. We just push forward and keep on keepin’ on, ya know?

———

Totally agree with AP.

Tatiana, I think you missed out on what’s really missing in your generation and pretty much all generations before yours.

Financial education.

The other piece is actually having an interest in one’s own financial success.

If you (I mean Gen Y) don’t take an interest in your own financial success, why should anyone else? Really?

I did. And I retired just 2 years ago at the age of 44. No bachelor degree. Only an entry level position making $21k. How? I asked myself every day how to exploit every opportunity in the system while self-educating myself on how money actually works as a tool.

I simply took an interest in my financial well-being.

You can make up any excuse you like. The reality is everyone needs to look in the mirror at themselves. That’s who is responsible for your success and your failures in life. Nobody else.

#21 mife on 07.22.22 at 5:14 pm

How do you say it? “Okay Echoer”

Every generation has had challenges and they are really not that different. What can we say? “Life is hard, then you die”

If there was one thing that I think Mills should be upset about with Boomers, it is that they have elected governments that have an impossible level of obligations/debt that the Mills have to bear in addition to the normal but hard things in life (education, housing, families and retirement). Or the Mills are going to have to elect a government that pushes back and says no, Boomers didn’t actually pay for all of these benefits, so the benefits have to be cut. i.e. “We’re not paying”

Not sure if it is commonly realized, but the “increase” in the CPP included a intergenerational shift so the Mills are paying in and subsidizing the fund for the Boomers. That was buried in with the higher future benefits. Gotta love politicians. You should add that to the list.

[For the record, I am neither a Boomer or Echoer. I fall into the Gen X and my generation had all of the same sort of hardships with Education, Housing, Families and Retirement, but was never a factor in politics in our entire life – pretty much ignored and no say in pretty much anything.]

#22 Kuato Lives on 07.22.22 at 5:16 pm

Some of these genX,Y,Z,whatevers might re-evaluate the benefits of owning a (Canadian) home when they get a bit older and realize the Canadian health care system is kinda garbage compared to the rest of the world and want to move abroad just to stay alive.

I’ll probably buy a retirement place at some point (I’m 49), but it won’t be in Canada, that’s for sure. I’m still part of the WFH crowd, so have been taking advantage. Last 2 months have been in the Bahamas and probably going to Turks and Caicos once hurricane season is over. Even staying at hyper-expensive AirBNB’s, the premium I pay ‘living’ in these places is minor over the rent in Kelowna. I owned a house once, I didn’t really like it to be honest. Suburbs are pretty soul killing. I like the beach better.

#23 "NUTS!" on 07.22.22 at 5:17 pm

Wow! Just, wow! Today’s editorial pretty much sums up the mess we’ve created when raising our beloved little Gen Ys. The only valid point she makes in her diatribe is we only have ourselves, the parents, to blame.

#24 Gen X on 07.22.22 at 5:19 pm

I sympathize but my generation also came to our working years in a crappy economy (early 90s recession), gulf wars, doomsday environmental predictions and by the time I could scrape together a few thousand dollars to invest the dot com bubble burst in early 2000s. These were valuable lessons that I have used to succeed later in life and navigate the Great Recession, COVID, and whatever this is (secular inflation?). It seems to me that although Gen y melenials may have a unique experience that does not mean they will ultimately be worse off than any other generation.

#25 womantowoman on 07.22.22 at 5:23 pm

Hi Tatiana I think you need to talk to Garth more and learn more about finances as you sound very streotypical, mainstream female…”Paying someone else’s mortgage” is not a horror if you are coming ahead in investments and life/retirement goals. AND if the market corrects as it is starting now then you get a house as a Bonus!

#26 Steven Rowlandson on 07.22.22 at 5:25 pm

My fellow baby boomer employer seems to have this funny idea that having a home is some kind of privilege for the rich…. If all employers thought that way where would they get employees and customers if those who were not rich had to leave the country because living in Canada is too expensive and employers don’t want to pay their employees to live here? Expensive problem isn’t it?

#27 Millennial Realist on 07.22.22 at 5:42 pm

Well spoken. And major changes are coming ahead, at full speed. Environmental, economic and political. We are now the generation in charge.

Boomers, be part of the change.

Or be run over by it.

#28 LG on 07.22.22 at 5:44 pm

Kurt #9
“but the trail leads back to politicians – and the entitled children who vote for them.”

Every trail leads back to the Voters.

#29 ogdoad on 07.22.22 at 5:45 pm

Millenials brains are the first sand-box of psychology. With confirmation strapped to their holding hands in the form of their cells. Their parents, it was the PC…then boob-tube….then radio…just ask the advanced dupedness labs down south….and the Russians!

Whatever generation we were born into. We’re a bunch of duped, first-world idiots who are incapable of adhering to a human value system that would probably propel us into a higher state of evolution *Og* …instead we want lawns…and RV’s…(full. dis. The looking cute thing can stay FOREVER)…

Anywho, reeaaaly looking forward to snuggle time…Last night was strip ping-pong…that was a welcome first!

Og

#30 Shawn on 07.22.22 at 5:45 pm

Boo Hoo

Check what the unemployment rate as the tail end of the boomers graduated college in the early 1980’s. Many young people in Nova Scotia moved west for jobs.

Every generation since time immemorial has had its difficulties. In general life is easier now than ever in history.

As someone said above, every generation has its winners and its losers.

#31 Reality is stark on 07.22.22 at 5:46 pm

She’s right.
When Elon Musk says anyone can get a bachelors degree if you don’t have a master’s you aren’t worth ____.
Try and get one, they don’t give them away.
That’s your starting point, after that you are expected to become an average ordinary everyday superstar.
Anything else is a fail.
Most Canadians are heavily indebted, obese, and financially illiterate focusing on conspiracy theories. That includes 75% of the folks who participate in this blog.
I don’t envy the young who have to endure the irrational expectations. I’m sure higher suicide rates are indicative of the self imposed pressure.

#32 Yukon Elvis on 07.22.22 at 5:47 pm

Our problem is stupidity and ignorance. Stupid people vote. We tossed a guy who was an economist whom i disliked for lying to me about income trusts but at least he had some financial understandings. He was also paunchy and had a bad hairpiece. We elected an empty suit drama teacher who thought that budgets balance themselves and promised us legal pot and free government money and proclaimed his virtue at every turn. We voted for the pot and free stuff. Three times. We got what we deserved. Now we pay the price.

#33 Ed on 07.22.22 at 5:49 pm

If you’re geographically challenged (Big Smoke,Left Coast etc) ya you’re screwed and deserve to be.

#34 wallflower on 07.22.22 at 5:55 pm

Millennials have turned out to be relatively conservative investors

From everything I read, this cohort is also the most cryptocurrency buying group so I am having trouble with this comment.

#35 Tarth Gurner on 07.22.22 at 5:58 pm

I wish we focused more on age groups 20’s, 30’s etc. than generations. I am a millennial. I remember when I was in my teens/early 20’s always hearing about how entitled millennials were. Of course milleninals at that time were largely entitled and arrogant because thats what that age group always is! My point being is we focus too much on trying to make some arbitrary distinction between each passing generation rather than thinking in terms of age which inherits with it the differences in life experience and wisdom.

#36 KLNR on 07.22.22 at 6:11 pm

dogwhistle?
curmudgeons in here gonna come at you en masse Tatianna.

#37 Søren Angst on 07.22.22 at 6:12 pm

Once us Paleos starting croaking en masse and that’s not far off, Mills you’ll be fine (save Garth, an immortal).

Unless BofM&P handed over the patrimony to you already you’ll be fine.

If not, sympathy from me. These in between times will be tough but you live in Canada and it WILL get better.

———————-

Not good kicking people in the teeth when they are down or feel that way – Mills or anybody.

#38 KLNR on 07.22.22 at 6:13 pm

@#10 Grazie on 07.22.22 at 4:41 pm
So what happens to Gen X? Did this generation just disappears from this world? Is planet Earth only populated by Boomers and Gen Y?

we’re busy enjoying life, living quietly amongst the masses.

#39 al on 07.22.22 at 6:17 pm

You’ll do fine. So will the cohort.

Take care.

#40 Blobby on 07.22.22 at 6:20 pm

Quality of living now is better than its ever been

And that’s true for each generation, even though they feel like they had it the hardest.

My grandparents generation really had it hard. They were in the war. My parents generation grew up in a house without running water.

I grew up in a house where the bath tub was a metal thing we pulled into the living room on a Sunday night and took turns in.

When i went to uni, we shared 8 of us in a s-hole of a house. Nowadays students live in better accommodation than I do.. and then complain about debt.

But yet, my generation moaned when we were young about how bad we had it (we didn’t), and todays generation will moan about how bad they have it (they don’t).

It’s just the way people work.

#41 Leftover on 07.22.22 at 6:32 pm

Agreed that Millennials and Boomers have a lot in common, including housing.

To whit:

In 1989 our household was earning about $80k, clearing $60k and we bought a house for $250k with 20% down. Interest was 13.75% and the payment was a whopping $2350/mo, or 47% of take home pay.

Today Millennial households often earn about $150k and clears $120k. That house would run about $1.1 million, say you have (or get loaned) $200k so the mortgage is $900k at, until recently, 3%, for a monthly of $4700. That works to….47% of take home pay.

What happened in 1989? Interest rates went up even more, housing cratered 30%, then things caught up over the next 5 to 10 years. That’s when a lot of people came out of the woodwork and could actually afford to buy a house.

#42 Bk on 07.22.22 at 6:35 pm

Very depressing read. On another note, how did you slip today’s blog past Garth? bahahahahaha

#43 Mike in Cowtown on 07.22.22 at 6:39 pm

Excellent blog today. As an older dude (58) I now have a new perspective on the Millennials.

In the end I think poor governance over many years has let to many of the problems we see today including inflated real estate prices.

#44 PeterfromCalgary on 07.22.22 at 6:42 pm

This whole generational warfare stuff is nonsense. Anyone who is not mentally ill hopes life will keep improving. Their are people I love and hate in every generation. It is about character, how you treat others, and common sense. It is not about when you were born.

However, I have nothing but contempt for those folks who want to cripple the fossil fuel industry before we have a workable substitute in place. You don’t stop going to the grocery store the day you plant your garden seeds. You wait see if they grow and than maybe reduce or stop going to the grocery store depending on how well your garden has grown. People who stop pipelines and oil sands projects before we have alternatives scaled and in place are just helping Putin.

Common sense folks!

#45 macduff on 07.22.22 at 6:49 pm

I graduated with a bachelors degree in biology in 1984; it was essentially useless. I followed up with a professional degree which has always kept me gainfully employed and offered good opportunities. Those graduating in my field today face almost identical job prospects and career advancement opportunities. I have never had a DB pension and in my profession, this is unheard of, unless they work in academe or government.
What hasn’t changed is that it takes skill to choose a university major. You must identify a field that offers immediate job openings and shows signs that in the future it will be sustainable (not an easy task nowadays). My brother did a PhD in philosophy; he was very lucky to land a job in academe back in the 80s and his ilk today are similarly destined to drive Uber (it was taxis back then).
It’s very easy to generalize the various generations and assume hardships today weren’t experienced during the boomers’ days. However, this simply isn’t always true, and the inflation that we are seeing today is a but an echo that many of my generation experienced in the 1980s.

#46 Felix on 07.22.22 at 6:50 pm

Happy Feline Friday!

Did you know:

Millennials are more likely than earlier generations to choose cats over dogs – a clear sign of higher IQ.

#47 BCWally on 07.22.22 at 6:50 pm

Refreshing to hear from a millennial point of view and the entries today reflect that. I’m just wondering why such a “defeatist” observation on house ownership when the millennials can correct this, and rather quickly.
The millennial vote will carry the day in any election moving forward.
This generation needs to make it clear to politicians that they will support a party that will de-monetize the housing market.
A house should be for the safety and security of a growing family, priced reasonably to allow the good financial health of that family, and subsequently the nation’s economy.
Now that is a controversial and politically unpopular statement if there ever was one.
Bloomberg identified 31% of homes in BC and Ontario are owned by multiple home owners and likely rented out. That is from a federal 2017 survey conducted by our own federal government, which they claimed was the source.
Its precisely the lax tax rules and easy credit that has created the unaffordability of housing in this country by politicians that seek votes from the majority home owners. That strategy has turned housing in to the primary investing strategy of the Canadian people thereby shutting out the younger generations.
With the central bank now raising rates rapidly it also has the potential for an economic disaster.
I would invite you Tatiana to add the easing of those credit rules and tax laws to the chart in your blog entry although I think you will have to go farther back in time to capture them all.
Moving forward I would encourage you to keep writing and influence your generation to enforce through your voices and votes a change – to solid financial regulation to keep those house prices reasonable.
You might just save this country yet.

#48 The Woosh on 07.22.22 at 6:51 pm

To the Saturday crew who I’ve criticized in the past for your write-ups, I humbly apologize. This must be the worst post I’ve read in the history of this blog!

For the love of Dog…one of these was enough!

#49 Retired in Kelowna on 07.22.22 at 6:53 pm

Interesting Column Tatiana. I am a retired 65 year old Boomer. No Pension Plan. I made my own by saving and investing for decades. I have a large circle of friends and relatives. I can only think of three of them that have a Defined Benefit Pension Plan. It’s not automatic for all Boomers.
I agree that the Real Estate Situation is dire for your generation. Maybe that is going to rectify itself with the current and coming correction. I hope so.
But as the Line in the song “In the Living Years” goes: Every Generation Blames the one before. Boomers are no different and apparently neither are Millenials.
Thank you for your input and insight.

#50 Cow Man on 07.22.22 at 6:58 pm

Tatianna:

I am 74 years old and completely feel your pain. Everything that you stated is factual.

This is not generational war. This is political because of the Bank of Canada and failed interest rate policies starting with 9/11 and running rates to match US for 20 years.

This is what put Millennials in the situation you are now in. The Central Banks globally “kept the party going” with negative interest rates and Quantitive Easing.

This in turn made those of us with assets very wealthy and those not on the wheel left out.

Central Banks are supposed to be independent of the Governments they serve. They clearly are not.

I feel badly for your cohort

#51 Dogman01 on 07.22.22 at 7:00 pm

Regarding the breaking of the West’s social contract with the next Generation;
Good interview with Joel Kotin;
https://www.youtube.com/watch?v=3tc8jAO5-F0

“we spent the entire period since the middle ages moving toward a society where If you worked hard, and you developed a decent number of skills you could live a modest middle class lifestyle where you could afford to raise a family, afford to have a little backyard or nice flat, by the 1970’s that is what we achieved, and now we are moving exactly away from it. If you think you can do that without their being major social disruptions, I think you are wrong.”

#52 Nora Lenderby on 07.22.22 at 7:01 pm

Good column.

I am very sympathetic to young people these days. They are financially having it as hard or harder than my cohort, with events moving much, much more quickly. Luckily the labour market is good presently.

Impulse control and persistence are qualities we should be teaching…not to mention stoicism and kindness!

#53 Habitt on 07.22.22 at 7:05 pm

Worked 40 years in the trades. Worked for decent small business owners. They paid a fair wage and were reasonably loyal to their workers. But the majority had no pension plan and certainly no DBP. Most working boomers had no DBP. Sheesh

#54 Hugh F MacDonald on 07.22.22 at 7:06 pm

Gen Xer here.
Agree with #19, Smoking Man would have rolled in it, but I wonder what dear Boomer would have thought.

#55 Shawn on 07.22.22 at 7:13 pm

Reality is Stark said:

Most Canadians are heavily indebted, obese, and financially illiterate focusing on conspiracy theories. That includes 75% of the folks who participate in this blog.

**********************************
Sounds 100% right. Could possibly add that they are also mostly jealous, entitled and bitter.

Meanwhile a smaller percentage get on and win in life. Then they retire in comfort to waste time arguing on the internet. Oh well, it’s entertaining and once in a while someone listens to some of us curmudgeons.

#56 millmech on 07.22.22 at 7:16 pm

I do not understand how millennials can get anything done, they just seem to live in a world where everything causes them to be outraged or they exist in a state of trauma.
Heck this post will probably traumatize someone and cause them to be outraged and the demand for cancel will be high.

#57 millmech on 07.22.22 at 7:20 pm

Good to see that we have learned nothing from Sri Lanka, food shortages coming to Canada next year.
https://www.msn.com/en-ca/news/other/trudeau-pushes-ahead-on-fertilizer-reduction-as-provinces-and-farmers-cry-foul/ar-AAZSrBZ?ocid=msedgntp&cvid=d8d7fa85c0834a06825c6d1cf0f8b715

#58 GW on 07.22.22 at 7:32 pm

Is this a test? Are you testing us Garth? Whoever commented that Smokey would have a field day with this was bang on. Where do you even start with these poor unfortunate souls?
Tips from Gen X: quit feeling sorry for yourself and get after it. Life’s not fair, deal with it. You’re not victims, life’s a bitch is all. The “boomers” aren’t to blame because they gave you participation trophies. If your life sucks, maybe you suck. Just stop hating on everyone and everything and build a dammed life!! And lastly, learn to think for yourselves (that one applies to all generations, just added it because needs to be said). Good Luck kids.

#59 mark on 07.22.22 at 7:33 pm

Gotta be honest, a little bit of me dies any time I come here and find it’s not Garth doing the writing.

#60 Editrix on 07.22.22 at 7:34 pm

Millennials and Gen-Xers are the first generations where everyone was awarded a prize at soccer. The first generations which weren’t failed in primary school. Essentially they are the first generations never to experience failure and as a result are possibly lacking some self-motivation.

I am tried of hiring 20-somethings for entry level positions who expect to be running the company within two years.

#61 Millennial 1%er on 07.22.22 at 7:38 pm

this post made me embarrassed to be a millennial

btw 911 was an inside job

#62 Damifino on 07.22.22 at 7:41 pm

The Gen X & Y I know who have become successful did not pursue bachelor’s degrees in the liberal arts or any courses that ended in the word “studies”.

They instead got technical and engineering degrees after which they found themselves in high demand.

I spent much of the seventies (i.e. my twenties) in a traveling rock band. One could make a meager living doing that back then. Don’t try it after the age of thirty, though. Or twenty-five, tops, nowadays.

When rock and roll died (for me) I got a technical degree in electronics and my life changed almost immediately. Interesting work, decent pay, merit-based advancement, sensible hours and even a bit of respect right out of the gate. Music offered none of that.

My advice to young people has always been the same: Work hard and make sure your employer knows it. Be the one they can always count upon. The one who comes in weekends when no one else will. The one who stays late when deadlines are near. In other words, be of genuine use and difficult to replace.

You’ll see the slackers passed over and opportunities come your way sooner than you may think. Then start investing, early and wisely.

You have two critical things the Boomers do not: youth and energy. Use them before they’re both gone.

Oh, I should also mention the above advice seems to be universally detested.

#63 Shirl Clarts on 07.22.22 at 7:51 pm

Preferreds in a balanced portfolio – The other stuff goes up, while preferreds pull it back down. Yea Yea, the divvy, I know. But what about the losses. Interest rates are on the rise, but preferreds are yet again a disaster.

#64 Flop… on 07.22.22 at 8:12 pm

Flop Drops.

“Wages and debt are no match for Canadian house prices. That dream is dead.”- Tat.

No Tat, not dead, just delayed.

I just showed a liveable house the other day in the Vancouver bedroom community of Abbotsford go for 760k and prices are coming down by the week.

Surrey, which I think now is the most populous city in BC by now, is coming back under a million, right about now.

Here’s at nicely renovated house that just went for 1.08 in Delta, on an 0.15 acre lot, take a look at the pictures for yourself, yes the price for most probably needs to be halved for most, but the pendulum swings back fierce sometimes.

The details…

7147 116 st, Delta.

Asking 1.55

Then 1.36

Then 1.29

Just sold for 1.08

Basically half a million off original ask, and this is only on the second bottom rung of Greater Vancouver real estate.

Assessment 1.24, for those that care about that sort of thing.

https://www.zealty.ca/mls-R2704205/7147-116-STREET-Delta-BC/

I was dumb enough was to document Vancouver’s last correction, on here, which was even dumber, and on my spin-off blog, and the type of places that were going for 1.3/1.4 million in the summer of 2016, could be had for 900k, a year and a half later, when the developers sat on their hands for a while, then the market took off again and those who procrastinated missed out.

People were following form all over the world, I stopped counting but maybe in 40 or 50 countries.

I’m world famous in Uzbekistan.

Limit your debt, increase your options about where you’d possibly like to live, the homeowning dream got derailed or delayed for some young folk but Carly Simon probably sung it best in her song, Coming Around Again.

I know nothing stays the same
But if you’re willing to play the game
It will be coming around again…

M48BC

#65 KLNR on 07.22.22 at 8:16 pm

@#62 Damifino on 07.22.22 at 7:41 pm
The Gen X & Y I know who have become successful did not pursue bachelor’s degrees in the liberal arts or any courses that ended in the word “studies”.

They instead got technical and engineering degrees after which they found themselves in high demand.

I spent much of the seventies (i.e. my twenties) in a traveling rock band. One could make a meager living doing that back then. Don’t try it after the age of thirty, though. Or twenty-five, tops, nowadays.

When rock and roll died (for me) I got a technical degree in electronics and my life changed almost immediately. Interesting work, decent pay, merit-based advancement, sensible hours and even a bit of respect right out of the gate. Music offered none of that.

My advice to young people has always been the same: Work hard and make sure your employer knows it. Be the one they can always count upon. The one who comes in weekends when no one else will. The one who stays late when deadlines are near. In other words, be of genuine use and difficult to replace.

work smarter not harder.

#66 BurntAvocadoToast on 07.22.22 at 8:17 pm

Fellow millennials. Stop what you’re doing and get into the trades. I’m nobody special- just an industrial electrician looking for a new gig. 12 out of 12 companies I applied for offered me jobs- all $40-50/hr. I accepted the best, most recession-proof one at $48/hr, with premiums up the wazoo for graveyards and weekends at $58/hr ($116/hr because doubletime). The best part is a lot of the boomers haven’t retired yet. Make supply and demand work in your favour or get slaughtered.

#67 KLNR on 07.22.22 at 8:18 pm

@
#60 Editrix on 07.22.22 at 7:34 pm
Millennials and Gen-Xers are the first generations where everyone was awarded a prize at soccer. The first generations which weren’t failed in primary school. Essentially they are the first generations never to experience failure and as a result are possibly lacking some self-motivation.

I am tried of hiring 20-somethings for entry level positions who expect to be running the company within two years.

pfft, not genXr’s.

Watch out for those 20 somethings.
smart bunch, they’ll have your job in no time.

#68 THE DANDADA on 07.22.22 at 8:25 pm

OH WOW!!

Did GARTH approve this message?

#69 KLNR on 07.22.22 at 8:25 pm

@#52 Nora Lenderby on 07.22.22 at 7:01 pm
Good column.

I am very sympathetic to young people these days. They are financially having it as hard or harder than my cohort, with events moving much, much more quickly. Luckily the labour market is good presently.

Impulse control and persistence are qualities we should be teaching…not to mention stoicism and kindness!

90% of the older folks commenting in here could use a lesson or two on stoicism and kindness

#70 DON on 07.22.22 at 8:28 pm

#40 Blobby on 07.22.22 at 6:20 pm
Quality of living now is better than its ever been

And that’s true for each generation, even though they feel like they had it the hardest.

My grandparents generation really had it hard. They were in the war. My parents generation grew up in a house without running water.

I grew up in a house where the bath tub was a metal thing we pulled into the living room on a Sunday night and took turns in.

When i went to uni, we shared 8 of us in a s-hole of a house. Nowadays students live in better accommodation than I do.. and then complain about debt.

But yet, my generation moaned when we were young about how bad we had it (we didn’t), and todays generation will moan about how bad they have it (they don’t).

It’s just the way people work.

*******

Exactly!

Every generation thinks they are hard done by to a certain extent. I grew up praticing getting under my desk to protect me from nuclear fallout, like that would make a difference (ha ha). Every young cohort thinks they know better. Innovation comes from innovative people, that are like minded and transcend the generations.

And as another blog dog stated, the cohorts age range allows for people in the same cohort to have different experiences. As a Gen X, my parents were the oldest of the boomers who are much different from their younger counterparts. Some younger boomers don’t really remember the 80s housing fiascal as they were still in their teens or early 20’s. My parents thought it important to educate my sister (12) and me (10 at the time) about mortgages, inflation and higher interest rates. They wanted us to be prepared for what they experienced.

Life isn’t perfect and change is continuous. No generation is better than another or worse off. Mills have more ability to work from home, my mom/dad would have loved that flexibility. The mistake many make is thinking that they can replace experience and realized knowledge. I take heed when an older person offers some sound advice.

Greatest lesson ever. “There are idiots in every generation…stay far away from them.”

#71 espressobob on 07.22.22 at 8:33 pm

Life just ain’t fair. Like it ever was for those who gave their lives in war or countries that enjoy famine. Think about that.

Be thankful, and if one wants a better standard of living, one will work his or her sorry ass off to the point where said individual becomes a valuable commodity.

Nothing worthwhile comes easy.

#72 kaleyCat on 07.22.22 at 8:33 pm

“ Sure, Boomers who bought property in 1980s had affordability issues – another similarity – but they were also more likely part of a dual-income household. ”

So are you saying that mills are less likely to be part of a dual-income household? Doesn’t support the hard working theme, given our current level of employment and the fact that we’re the most educated country in the world.

Also, I would like to see a more balanced article – how many mills are getting money from folks to buy houses, to pay for their education, to buy their first car? I don’t recall anyone getting those perks in 1981….

#73 Genex on 07.22.22 at 8:34 pm

Would you like some cheese and crackers to go with that millennial whine?

Ooooh. You remember 9/11!!!!

The generation before mine came up from the Depression, then World War 2. We lived under the spectre of the Cold War, and the nuclear threat inherent to it when we were kids. You saw a one day event, followed by the opportunistic sabre rattling of the Dubya administration over imaginary WMDs, and act like you were hard done by in terms of trauma?

Grow up, princess.

#74 Nonplused on 07.22.22 at 8:35 pm

Something is wrong with that graph. Not the graph so much as the data behind it. Clearly the trends were unsustainable a long time ago, yet they have continued for so long.

#75 wallflower on 07.22.22 at 8:36 pm

Adding … to earlier post

Boomer here
No pension plan. Nada penny.
And, for 20 years, paid both sides of the CPP premiums and still getting only the average payout.
Sucks to be boomer me.

#76 Observer on 07.22.22 at 8:37 pm

#11 Sail Away on 07.22.22 at 4:47 pm

It is true that millennials, as is also true of all humans that came before them, will encounter unique and perplexing conundrums. But they’ll figure them out.

^^^^^^^^^^^^^^^^^^^^
Nah dude. Just the SailAway dynasty. The rest of humanity can get you know what.

#77 TalentScout on 07.22.22 at 8:43 pm

Always the snark with the millennials.

#78 Ian on 07.22.22 at 8:43 pm

As a millennial this article falls very far from a accurately description of the core characteristics I see in this cohort. Most, l maintain, are lazy and entitled. A bad combination. Luckily I grew up poor as F from shity parents. Sink or swim, I run laps around the pool today. Comfort is the enemy and I didn’t have it. The only reason I’m a outlier of this group I believe. The majority of my classmates are soft and still struggle.

#79 Just someone on 07.22.22 at 8:50 pm

Thank you for this post. I don’t agree with all the statements, but I sure do agree with the overall perspective you shared very articulately.

My own kids have experienced much of what you describe. They are fortunately both very well on their way to having an economic future at least as good as my wife and I (likely better). Not all of their friends are as fortunate, but what I see is that those who are prepared to work hard and spend wisely are going to be just fine.

Best wishes.

#80 espressobob on 07.22.22 at 9:06 pm

#59 Mark

Sometimes a little bit of me dies when reading comments like yours.

#81 DON on 07.22.22 at 9:09 pm

#38 KLNR on 07.22.22 at 6:13 pm
@#10 Grazie on 07.22.22 at 4:41 pm
So what happens to Gen X? Did this generation just disappears from this world? Is planet Earth only populated by Boomers and Gen Y?

we’re busy enjoying life, living quietly amongst the masses.

***********

Affirmative Ghost Rider.

Living quietly is right…rough financial times make angry people who drive like idiots.

In that light, I have a pressing question. The new Top Gun is out. I watched the first one in the theatre before we really knew about Tom Cruise. Do I even brother watching this one or just outright boycott it?

#82 Overheardyou on 07.22.22 at 9:17 pm

I know many boomers who also had student debt, got a useless degree, had kids and bought a house. They didn’t complain they just lived with the debt and worked hard to pay it off, sometimes working three jobs between two parents. Yeah millennials you have it so hard.

Oh wait let me add they also had to watch their portfolios turn upside down during 9/11, The dot com crisis, 2008 and then Covid. They also got coaxed into Mutual funds which suck. So no you’re not special my fellow millennials.

#83 DON on 07.22.22 at 9:35 pm

Yikes!

Cuts buy a thousands sound bites. The news gets seemingly worse as each month goes buy. Reversion to the mean is always served cold.

‘Historic’ Correction Grips Canada’s Housing Market, RBC Says’

https://www.bloomberg.com/news/articles/2022-07-22/-historic-correction-grips-canada-s-housing-market-rbc-says

#84 The West on 07.22.22 at 9:50 pm

Good piece today, well written.

#85 DON on 07.22.22 at 9:52 pm

Shawn

Did u see this?

https://www.cbc.ca/news/canada/calgary/kenney-fuel-taxes-competition-bureau-1.6529881

Alberta Premier Jason Kenney says he will ask the Competition Bureau of Canada to probe “potential gasoline price-fixing” in the province amid concerns motorists are no longer seeing the benefit of the government’s fuel tax cut.

This spring, the UCP government slashed the 13¢ per litre provincial tax in a bid to give consumers a break as pump prices soared to historic levels.

But Kenney said in a release Friday that, over the past 10 days, “the gas price advantage Albertans have enjoyed relative to other provinces has disappeared and it now appears Albertans are no longer benefiting from the tax cut.”

#86 Stone on 07.22.22 at 9:55 pm

#62 Damifino on 07.22.22 at 7:41 pm

My advice to young people has always been the same: Work hard and make sure your employer knows it. Be the one they can always count upon. The one who comes in weekends when no one else will. The one who stays late when deadlines are near. In other words, be of genuine use and difficult to replace.

You’ll see the slackers passed over and opportunities come your way sooner than you may think.

———

Bahahahahahahahahaha!

Sorry, that was really bad advice.

Here’s my take: Work smart. Not hard. Be ready to walk from your job at anytime and make sure your employer knows your worth. Never bluff. Ensure every word you speak is truth. Do not jump at every whistle call from your employer. Do not sacrifice your personal time non-stop. Those are very big mistakes. They are a road that leads to bitterness.

This coming from someone who retired at 44 with a very comfortable nest egg and very happy with the choices I made with my life.

#87 Wrk.dover on 07.22.22 at 10:00 pm

I know of one mill/whatcha mcCall it thingy that built his own house, all by himself. On the other hand, I know so very many Boomers that did so, I could go on all night about it.

But this is Friday! (hic-cup)

Tomorrow is Saturday, buy some tools, fools.

#88 Doomsday preppar on 07.22.22 at 10:27 pm

The one who stays late when deadlines are near. In other words, be of genuine use and difficult to replace.

You’ll see the slackers passed over and opportunities come your way sooner than

You must have smoked too much shitty hash in your band days bro! Dream on. Don’t you know that good guys finish last…?!…always

#89 Inequity on 07.22.22 at 10:42 pm

#60 Editrix

It doesn’t sound like you even know what a genX is.

#90 clowny on 07.22.22 at 10:43 pm

#113 Sail Away on 07.21.22 at 2:23 pm
#121 Sail Away on 07.21.22 at 4:50 pm
#19 Sail Away on 07.21.22 at 5:29 pm
#59 Sail Away on 07.21.22 at 11:16 pm
#78 Sail Away on 07.22.22 at 10:48 am
#86 Sail Away on 07.22.22 at 12:20 pm
#88 Sail Away on 07.22.22 at 1:00 pm
#11 Sail Away on 07.22.22 at 4:47 pm

Weeee. Wonder how much of this gets billed against his clients?

#91 Sail Away on 07.22.22 at 10:47 pm

#76 Observer on 07.22.22 at 8:37 pm
#11 Sail Away on 07.22.22 at 4:47 pm

It is true that millennials, as is also true of all humans that came before them, will encounter unique and perplexing conundrums. But they’ll figure them out.

———-

Nah dude. Just the SailAway dynasty. The rest of humanity can get you know what.

———-

Um… you mean they can get exactly the same opportunities as the Sail Away dynasty?

If so, correct! Good work, O.

#92 the Jaguar on 07.22.22 at 10:48 pm

Peeps post, and sometimes complain that this is supposed to be a financial and real estate blog, but today the subject matter is an ‘ode to millennial angst’.

Seems reasonable to me given the population density of that ‘cohort’ and its impact on economic affairs. I’m not worried about Tatiana’s future given her good looks, credentials, and especially landing a job at Turner Investments. ( Even with a Russian name, lol!) Just kidding. It’s all one Tribe there if one goes back far enough in time….

Back to this Millennial versus Boomer challenges or ‘hard times versus easy street’ issue…

Seems to me that we are born into the times we are born into. That’s just luck and destiny, not unfairness. We make the best we can of the situation we find ourselves in. I often reflect on my grandmother raising ten kids in the depression years, arriving to the barren landscape of southern Alberta in the early 1900’s after knowing only London, England. She couldn’t even vote until 1918. Never was able to have a career despite having a very fine mind and aspirations outside of the role of wife and mother. There was no ‘Roe versus Wade’ , no birth control, and women didn’t walk into Shopper’s Drug Mart and buy condoms to control the number of children they had. Big families were the norm. ‘Duty’ was a big word back in those days. I know damn well how lucky I am being born into the times I was born into. There will be no apology for that.

There will always be generational comparisons. I still hear a lot of music from the Boomer generation being played in places that don’t target Boomers. For Pete’s sake just watch most of the Apple/Iphone promos. Sometimes it’s nostalgia, fashion trends coming back, or maybe just wistfulness for a less complicated time. Boomers can make fun of Millennials and vice versa. It’s not an ‘ouch contest’. Life is hard and will take everything you can throw at it. It’s also too short to let opportunity drive by while sitting at the bus stop of resentment and self pity.
Putting avocado on toast is just fine, though it demonstrates a lack of culinary skills. That’s cool. Love your ‘Skip the Dishes’ if you must.

Now put on Santana’s ‘Black Magic Woman’ and get back to work. We’ve got a world to run and we need you at the top of your game.

#93 Touched Down in Kelowna on 07.22.22 at 10:50 pm

We are on the ground in Kelowna today where typical boxes over the past few hours are listing for well over a million dollars and a condo rental is 3,000 per month. This market is speeding 100km per hr straight into a wall.

We interviewed one couple who just listed their house. Their comment was: “gimme my money – more! Bring certified cheque”

Tomorrow we will be checking out open houses to see how many people are actually showing up. We will let the blog know how that goes. Stay tuned.

#94 Punch Drunk in Revelstoke on 07.22.22 at 10:59 pm

I live in this rough little village, looked out my broken window today to see neighbour listed the house.

1.3m. WTF?!

They just put a new roof on – blue tarp. I think it has a 90-day return policy.

Back to the 40-pounder.

#95 Zach on 07.22.22 at 11:36 pm

Pave your own way as best you can.
Nothing is really under your control. Who told you it should be?
Camus said it best… we must imagine sisyphus happy.

#96 yvr_lurker on 07.22.22 at 11:39 pm

Thank you for describing it as it is. Garth typically has not acknowledged the challenges that Millenials have faced, and his comments on this topic show no clear understanding of the unique struggles of the different generations. No point in lamenting the current environment, but I am glad that someone here has articulated it clearly.

#97 Generation whine on 07.22.22 at 11:47 pm

Too funny!

All these years I thought it was “generation whine”. Must be this boomer’s hearing aids acting up again.

It all makes perfect sense now … they drive around white Tesla Model Ys just so they can be like every other Y. Y not?

#98 Ronaldo on 07.23.22 at 12:26 am

#10 Grazie on 07.22.22 at 4:41 pm
So what happens to Gen X? Did this generation just disappears from this world? Is planet Earth only populated by Boomers and Gen Y?
——————————————————————
Funny, I was wondering the same thing Grazie. I’m the oldest of the Boomers and raised 2 Gen X sons who were both out of the house by 1990 and off to make their way in the world. I can tell you that there is a big difference between the older half of the Boomer generation than the younger half when it comes to raising their children. To say that millenials were raised by boomers is only partially true. Many had GenX parents. There’s an 18 year gap between the oldest Boomer and the youngest and within that came a whole lot of changes. As you state, what has happened to the GenX generation? Why don’t we hear more about them from the millennials? I suspect Tatiana that your parents were at the younger end of the Boomer clan. I am probably old enough to be your grandpa and I’m a Boomer.

#99 Ben Steiner on 07.23.22 at 1:36 am

Tatiana I hear a lot of Gen Y whinging and hand ringing. Life doesn’t come with a guarantee, it’s Darwinian. There’s still plenty of opportunity, it’s likely not in the places your parents found it. Canadians generally are the least mobile most easily cowed people in the world. If you really want to use that degree you’ll have to leave Canada.

The Irish did just that when an entire generation of young Irish had been disenfranchised by their politicians. So have generations of Asians had to migrate due to new political realities.

They had to leave to succeed. Ireland was no longer a homeland. Now it’s Canadians who must leave to make room for those who, as Trudeau said, “ deserve Canada more than you”. In other words, “ Go”.

Trudeau is shouting in your face that he thinks you are racist and colonialist. There are no industries opening for resident Canadians. Trudeau only serves the special categories that his masters in the WEF have designated. Take him at his word.

He killed the future prospect of hundreds of thousands of geo-tech, engineers, mechanical specialists in manufacturing, and those choices have killed those jobs generations had relied on. Trudeau is making room for his voters and closing the door on you.

Now, are you awake? Are you looking at what Trudeau is doing to get farmers off the land? The WEF has tried this in Sri Lanka, India, Holland, Germany, Spain and now Canada is their target. To reduce food is to reduce the population.

In Holland the government started grabbing land before they’d even passed any legislation. The confiscated lands were earmarked for ‘residential expansion’ ready for the newcomers who are quickly displacing legacy citizens. This has been front page news but never reported in Canada.

https://torontosun.com/news/national/trudeau-pushes-ahead-on-fertilizer-reduction-as-provinces-and-farmers-cry-foul

And you say, “ That’s crazy” , erstwhile it’s happening. Yes it’s so bizarre you can hardly believe it. But look at the planning team, Trudeau and Guillebeult(s?), who recently took to the trains for a cross country tour only to find out there hasn’t been a passenger service across Canada since the 70’s. Don’t expect persons that ignorant to create smart solutions for an increasingly desperate generation of Canadians, sad but true.

#100 What!! on 07.23.22 at 1:54 am

Garth, a word of advice don’t hire anyone without a CFA designation. This “portfolio manager” sounds like a whiner.

#101 KNOW IT ALL on 07.23.22 at 4:26 am

#90 clowny on 07.22.22 at 10:43 pm

Now that took some effort!

#102 Joe Lalonde on 07.23.22 at 5:17 am

Decades and decades of laws, restrictions and regulations has turned Canada into just importing products that our politicians have made everything in Canada illegal to work, create or produce even the most basic of products. Favored companies and corporations have exemptions and unfavorable one’s are fined out of existence by taxation and imposing more regulations.
We can’t even import immigrants properly due to lack of housing and labor laws which make everyone illegal until they get government approved qualifications.

Freedom will be coming from our outdated infrastructure breaking and the end of the Internet-based Era as communications is severed along with the monetary system as the US Dollar loses it’s world standing.

#103 under the radar on 07.23.22 at 5:34 am

92 ” Life is hard and will take everything you can throw at it. It’s also too short to let opportunity drive by while sitting at the bus stop of resentment and self pity.
Putting avocado on toast is just fine, though it demonstrates a lack of culinary skills. That’s cool. Love your ‘Skip the Dishes’ if you must.”

Perfect.

#104 Boomer in Victoria on 07.23.22 at 7:14 am

Great article.
My daughter along with her husband are doing great. I find that the people who complain about Gen Y are the boomers who didn’t have any children. Most of our boomer friends who have kids are very proud of them.
As for the complainers, give them some gummy bears and tell them to chill out!

#105 Tom from Mississauga on 07.23.22 at 7:16 am

Fine enuf article Tats. Get the Gen thing. Been studying demographics lately, Canada’s age pyramid is a strange study, it’s Gen Z, ages 13-23, there really isn’t very many of them outside The Prairies. BC is a population bomb under 25, 2 turning 65 for every 1 18 y/o for years. Our current labour shortage looks permanent, even in recession.

#106 Bezengy on 07.23.22 at 7:18 am

Judging from the comments section I’d say your a hit, good job Tatiana.

My crew of kids (millennials), literally hundreds if I include those I’ve coached over the years seem to be doing very well. I see their shining faces daily on FB next to their new house or car, living their best life you might say. Most probably can’t afford to live on Toronto of course, but then again, neither could I 40 years ago.

We need some vision in this country, maybe your cohort will make some positive changes. I personally think we should try to incentivize companies to move to the burbs, so folks can walk to walk in more sustainable communities. We need better design and more efficient housing too. Until we can bring down the cost of building a new shack, which now sits at $500 per sq. ft., housing costs will remain high and out of reach for most.

#107 maxx on 07.23.22 at 8:21 am

@ #9

Bullseye!

But it’s soooo much easier to blame it on “the boomers”.

Recently had the weirdest interaction at a cash point with a Mill. She literally threw the receipt back at me.

I took a deep breath and proceeded, sotto voce, to verbally rake it over the coals for a good 2 minutes. Not a single employee nor the manager uttered a peep in its defense.

The following day, it was gone as it has been every day since I’ve patronized the store.

Misguided, resentful attitude combined with no spine is no recipe for getting anywhere in life.

#108 IHCTD9 on 07.23.22 at 8:32 am

#98 Ronaldo on 07.23.22 at 12:26 am

Funny, I was wondering the same thing Grazie. I’m the oldest of the Boomers and raised 2 Gen X sons who were both out of the house by 1990 and off to make their way in the world. I can tell you that there is a big difference between the older half of the Boomer generation than the younger half when it comes to raising their children. To say that millenials were raised by boomers is only partially true. Many had GenX parents. There’s an 18 year gap between the oldest Boomer and the youngest and within that came a whole lot of changes. As you state, what has happened to the GenX generation? Why don’t we hear more about them from the millennials? I suspect Tatiana that your parents were at the younger end of the Boomer clan. I am probably old enough to be your grandpa and I’m a Boomer.
———-

Yep, I’m 10 years from retirement, and my Mom’s a Boomer. My youngest sibling is a Millennial – with a Silent Gen Dad!

#109 move over on 07.23.22 at 8:34 am

#63 Shirl Clarts on 07.22.22 at 7:51 pm

Preferreds in a balanced portfolio – The other stuff goes up, while preferreds pull it back down. Yea Yea, the divvy, I know. But what about the losses. Interest rates are on the rise, but preferreds are yet again a disaster.
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there is nothing wrong with preferred shares. what’s wrong is you owning them when they go down. learn to hold them only when they are going up.

#110 Dharma Bum on 07.23.22 at 8:48 am

Millennials were ruined forever by Facebook and Twitter, and their offshoots.

Apps + social media destroyed their brains.

Forgive them and pity them, for they know not what they do.

#111 IHCTD9 on 07.23.22 at 8:51 am

The secret to Millennial success is: don’t live in the GTA. Simply stay out of the Metropolitan areas, and win. Well, before Trudeau’s fiscal non-policy caused Bunnypatch homes to double that is. I hear houses are still cheap in WaWa…

#112 Bitcoin Bro on 07.23.22 at 9:04 am

https://wtfhappenedin1971.com/

Boomers can grumble all they want. The data is crystal clear. No point in blaming whole generations though, that’s silly. We all just want to build wealth at the end of the day.

Blame the Regan administration, Alan Greenspan, and his band of crooks for deregulating Wall Street and rolling out easy money policies.

#113 KLNR on 07.23.22 at 9:15 am

@#78 Ian on 07.22.22 at 8:43 pm
As a millennial this article falls very far from a accurately description of the core characteristics I see in this cohort. Most, l maintain, are lazy and entitled. A bad combination. Luckily I grew up poor as F from shity parents. Sink or swim, I run laps around the pool today. Comfort is the enemy and I didn’t have it. The only reason I’m a outlier of this group I believe. The majority of my classmates are soft and still struggle.

not surprised you see the world the way you do.
How you feel on the inside generally guides your view of the outside world.

the many, many mils I know are incredibly successful or well on their way. anecdotes eh.

#114 Shawn on 07.23.22 at 9:17 am

Young People: Just Move to Alberta

Economy is roaring back. Huge budget surplus. Lower income tax rates. No provincial sales tax. Cold in winter but Spring and Summers and Fall are not bad and we don’t get many rainy days in Summer. Not much forest fire smoke usually.

See the Economic Dashboard. It keeps getting better:

https://economicdashboard.alberta.ca/

#115 KLNR on 07.23.22 at 9:23 am

@#40 Blobby on 07.22.22 at 6:20 pm
Quality of living now is better than its ever been

hmm, reading the comments section here you’d think we were on the verge of medieval times.

#116 maxx on 07.23.22 at 9:36 am

@ #27

Doubtful. Mouthing off won’t make it so.

Successful Mills simply follow in the footsteps of the accomplished in any generation. They are currently busy building futures and at retirement will enjoy life’s riches which bitter losers will only get to experience in the rearview mirror. (That would be your “smartphone”).

Unsurprisingly, whiners will manufacture some way to blame their own. The name of the blame will then be ” it’s the fault of the privileged or cheaters or whatever.”

Check out #20. That is the embodiment of self-made success. Human beings are hard-wired to move through adversity – if they invoke the will to.

Your brand of revenge will never happen. Combined generations’ wills to succeed will pave over a weak and untenable fantasy.

#117 Tri State Pat on 07.23.22 at 10:16 am

I’m GenX. So I left Montreal in 1994. In my middle twenties. You want to talk about unemployment? It was about 13% when you talked to the ones that knew what was going on. Left everything behind, moved to USA. I’ll say this, I do worry more about my 25 year old daughter’s future than mine at my age. A roof over your head should not cost you more than 25% of your wage. Not the case now. Maybe this work from home will help in some ways, but some jobs you can’t do that.

#118 chalkie on 07.23.22 at 10:18 am

Looks like a generation of WFH that headed to the cottage life a year ago, some are now selling the cottage and heading back to the big smoke again, must have been the snowed in doorways that had to be shoveled, not much insulation in the cottage, more time spent trying to get to everyday life like Doctors, Dentist, Hairdressing appointments, getting the little ones of to school or was it simpley just the prices in the big smoke has fallen enough “Wow” that we can now go South and buy our home back for $400,000 less than we sold it for last year. Good move guys, you deserve it, will we all do, unless you are the seller in the big smoke of course, “Ouch”.

#119 maxx on 07.23.22 at 11:09 am

@ #60

Agree about the trophy fire-hosing.

back in the day, there was nothing quite like the feeling of getting high 90’s or 100% test scores. We were graded and told what was right and/or wrong with our work. You had to submit assignments or there were consequences.

Fast forward and we’ve created a bloated cyst of expectation: trophies for “showing up”?!!

Which scholastic track is more likely to produce people who have vision, aren’t afraid to pick up the reins of their future and actually work towards success?

Today’s “education” fosters indolence, the indolent then pick up where previous educators left off and the result is that many parents recoil and those who can afford it send their children go to private school.

We ran a workshop in a private school in the U.K. 6 years ago. The atmosphere was completely unrecognizable to us. A shock. 12-17 year-olds moving through the buildings with the most incredible demeanor: they look you in the eye and smile as they walk past, listen and ask intelligent questions. They were absolutely incredible as were their teachers. There was an aura of calm and deep-bone academia everywhere – a dream.

Private school is an entirely different world. They don’t hand out trophies for showing up and you do have to submit your work.

Life’s chips fall accordingly.

#120 Grunt on 07.23.22 at 12:00 pm

Regardless of generation. Large corps have financialized the rental market. Don’t pay CRA their fair share of taxes.

And now divide and conquered us with market profile.

#121 Steven Rowlandson on 07.23.22 at 3:38 pm

Genocide comes by many means including real estate prices and rents.

#122 Westcdn on 07.23.22 at 4:45 pm

The idea that one should die so another can live does not sit with me. I see too many boomers who are willing to suck the life out of the future to maintain their status. Monkey pox on them.

My millennial daughters (1 of 2 is a model 1983) have achieved a top 10% rating. Kids, house and drawing envy. I did not help them much financially so they buckled down and luck favored them. Then there was wifey.

I tried not to interfere with her financial decisions. What she earned was her to decide. Just don’t drag me into places I don’t want to be. She wanted me to be more social. It requires me to overlook which is by my nature is not going to happen.

Death is not an option for me. I learned early life is not fair and people can be dilutional (most “leaders”). Beware of influencers, it is not your interest they have in mind.

Since millennial are T2’s support target, be wary that he loves stage light and has no appreciation of sacrifice to get things done. I have lost track of the occasions he has used news to promote his virtues. He is a hypocrite which is a common trait with politicians. The latest was Hockey Canada trying to bury lousy behavior yet T2 was accused of groping a women when he was slightly older. That story died.

I fear democracy is dying. Dissenting voices are not being heard which to me is the base of democracy. I never thought I would ever see 1984’s big brother.

#123 yvr_lurker on 07.23.22 at 6:05 pm

#119 Private school is an entirely different world. They don’t hand out trophies for showing up and you do have to submit your work.
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WTF?? You have no clue what you are talking about. In the Westside Vancouver private schools that I know well, there is a retake for almost every test that is done in core subjects so that the student transcript looks pristine for University entry (communicated to me by 3 long time teacher friends at these schools). In the public school where my kid just finished in grade 12, it was sink or swim… no retakes and strict (which is good) marking schemes in the core subjects. About 15 out of 271 kids got into UBC from this school. I can tell you that those who made it in (and survived the grade 11/12 experience) from this public school are well prepared for what will come next year.

Private schools tend to have a policy to do whatever they can to help their “client” (the student) succeed, as if too many are not successful fewer parents will cough up the high tuition required.

#124 dosouth on 07.23.22 at 6:21 pm

Ahh …the ups and downs of writing a column/post. It’s all in what’s received by the reader and what your intent is in your message.

The audience you are writing to is mostly one’s who have gone through and lived (to tell the tale) of different iterations of what you see as concerns now. There are solutions but finger pointing in exasperation isn’t it. IMHO

#125 Diamond Dog on 07.25.22 at 12:29 pm

I got something out of that Tatiana.

From infancy to elder, we are all on course to experience the things that come of age but environments do change. Some will live through droughts and shortages while others will live through bounties an opportunities. This is a a different time than it was 20, 30, 40 years ago.

Look at global populations below, what do we see?

https://www.macrotrends.net/countries/WLD/world/population

In the world of commodities, the easy resources have been found and exploited. We don’t hear much by way of large O & G pools anymore. Same can be said for copper, the big deposits have been discovered. It’s a different world. More people, less new resource discovery. Climate change is accelerating whether we want to admit it or not.

We are in an age where the future will have to live with less material wealth, not more and yet, everyone wants more. There is a growing disconnect between what the world needs to thrive and what it needs to survive. While technology continues to advance, environments continue to degrade. This last generation isn’t leaving the world in a better place than the one before it. And that’s the rub. We think technology will lengthen our lives but the greater truth is that the future could well be one of shortened lives.

This is what youth ultimately has to look forward to. We are simply not addressing the systemic and human corruption within our systems and it shows. Our planning is short sighted and at the root is self interests.