|By Marketwired .||
|May 15, 2014 06:00 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/15/14 -- While baby boomers prospered financially in the past 30 years, their kids - despite being saddled with more debt and costlier homes - are set to start their careers and family life on firmer footing, according to a new report from BMO Economics released today.
"There is a popular notion that Millennials will become the first generation to do worse than their parents economically," said Sal Guatieri, Senior Economist, BMO Capital Markets. "However, apart from taking on bigger loans to buy pricier homes, young Canadians today enjoy better job prospects, earn more and are wealthier than in the 1980s."
The report analyzed a number of economic factors to compare Millennials -- those born between 1981 and 2001 -- to the baby boomer generation.
Jobs: Labour markets are friendlier now for young people compared with three decades ago.
-- Millennials looking for a job have a 93 per cent chance of finding one, compared with 90 per cent for those in the mid-1980s. -- Unemployment soared in the early 80s, especially for young people. Today, unemployed youth go without work almost a month less than in the mid-80s. -- More young people today either have a job or are searching for one, though fewer work full-time.
Incomes: Millennials' higher education leads to slightly higher incomes than their parents.
-- Adjusted for inflation, the median income of people aged 25 to 34 years rose from $33,900 in 1984-88 to $34,700 in 2011; Millennials can buy about 2 per cent more goods and services than their parents could in 1984.
"Having 2 per cent more buying power doesn't sound like much, but the difference adds up over time," noted Mr. Guatieri. "One caveat is that median income was higher in the 1970s, before the 1980s' recession took a severe toll on workers, so the starting point for our comparison matters."
Wealth: Young families are wealthier than their parents were three decades ago.
-- Median net worth of households headed by someone aged 25 to 34 years was $52,000 in 2012, almost double that in 1984 ($28,752 in 2012 constant dollars). -- For families headed by someone aged 35 to 44 years, median net worth was $182,500 in 2012, again about twice as high as in 1984.
Debt: Though wealthier, debt levels are higher for young families.
-- In 2012, 84.4 per cent of those aged 25 to 34 years had debts compared with 82 per cent in 1984, and more young homeowners held a mortgage (85.6 per cent versus 79.2 per cent respectively) -- Young people are likely saddled with more student debt, considering that tuition costs have risen three times faster than consumer prices since 1984.
"While young families today have an opportunity to capitalize on favourable financial and economic circumstances, the way in which they manage their higher debt loads will be essential to securing long term financial stability," said Martin Nel, Vice President of Personal Banking Products, BMO Bank of Montreal. "And with interest rates set to rise in the near future, a comprehensive financial plan designed to reduce debt as quickly as possible can help them achieve this."
Housing: Millennials need to pay more to get their foot in the door
-- The average house price was 10.4 times the median income of young families in 2011, more than double the ratio of thirty years ago, relative to income. Despite double-digit mortgage rates in 1984, young homeowners today must pay more to service a mortgage. -- Many Millennials are priced out of the Vancouver and Toronto detached housing markets, or will need to take on large debts to get into them.
The full report is available upon request.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets of $593 billion and more than 45,500 employees at January 31, 2014.
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Sep. 26, 2016 09:45 AM EDT Reads: 2,778
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
Sep. 26, 2016 09:15 AM EDT Reads: 2,700
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
Sep. 26, 2016 09:00 AM EDT Reads: 1,059
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Sep. 26, 2016 09:00 AM EDT Reads: 1,521
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
Sep. 26, 2016 08:30 AM EDT Reads: 2,543
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Sep. 26, 2016 08:30 AM EDT Reads: 2,458
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Sep. 26, 2016 08:15 AM EDT Reads: 2,540
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Sep. 26, 2016 08:15 AM EDT Reads: 1,541
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
Sep. 26, 2016 08:15 AM EDT Reads: 2,431
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
Sep. 26, 2016 07:15 AM EDT Reads: 1,891
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Sep. 26, 2016 07:15 AM EDT Reads: 1,601
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Sep. 26, 2016 07:00 AM EDT Reads: 2,664
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
Sep. 26, 2016 06:45 AM EDT Reads: 1,991
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Sep. 26, 2016 06:45 AM EDT Reads: 1,079
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Sep. 26, 2016 06:30 AM EDT Reads: 2,444