However, those with major incomes under the age of 35 saw their net worth decline for the first time since the pandemic began.
Fewer young Canadians bought a home and focused their attention on reducing debt (2.8% – higher than any other group) while saving cash and the value of their non-pension financial assets, including mutual funds (3.3%) reduced.
Meanwhile, the debt-to-income ratio of older Canadians was notable, rising 9 percentage points for those aged 45-54 (mortgage debt was the main driver) and 8 percentage points for those aged 65+.
The second report from Statistics Canada shows that household disposable income grew at a slower pace in 2021 for low-income households than for those with higher incomes.
Government aid measures pushed the disposable income of low-income earners to an average of $33,000 in 2020, with the highest earners reporting a disposable income of $169,300. These were year-on-year growth of 29% and 3%, respectively.