The gap between rich and poor is widening as never before, Statistics Canada data released Tuesday morning showed. We therefore confirm that “most wealth is held by relatively few households”.
“The highest wealth households (top 20 percent quintile) accounted for more than two-thirds (67.8%) of net wealth in the first quarter, while the lowest wealth households (bottom 40 percent quintile) accounted for 2 .7%,” says Statistics Canada.
“Households with the least wealth tend to be younger than average. While households under the age of 45 accounted for 36.2% of all households, they accounted for 55.2% of households in the bottom two wealth quintiles.
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According to Statistics Canada, rising costs of living and declining home values are reducing households’ net savings and wealth.
“Younger age groups are at greater financial risk as debt-to-income ratios hit record highs,” it said.
More details to come.