Generation Y : A Whole New Reality

1069 Words Oct 12th, 2015 5 Pages
Generation Y, of which I am a part, is faced with a whole new reality in today’s world with regard to the increased cost of housing and tuition for example. Also, we face the increased cost of tuition, and face difficulty when trying to find and maintain a job after completing post-secondary education. “We find that because of the difficulties facing millennial [generation y], they are delaying these important life decisions, like getting married, buying a home, starting a family” (Goodman, L., 2015, para. 8). Generation y is loosely defined as the group of kids in their early teens to young adults (Miedema, 2012). Another reason my generation is struggling with finances is because of the increased cost of buying a home. The price of housing in Canada has dramatically increased since the 1970’s. By 2011, the cost of buying a house in Canada had risen 185%, and more dense areas, such as Toronto, saw an increase of 197%. This drastic difference in housing prices, which took place in the course of only 40 years, has greatly contributed to Generation Y putting off buying homes. Statistics Canada reported in 1977, the median net worth of a working adult was $30,100 per person, which eventually began to decline, causing the median net worth of a working adult to become only $17,400 in 2005 (Miedema, 2012). Because of the increase in housing and the decrease in the average net worth of the working adult in Canada, Generation y has, and will continue to struggle with finances.
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