money-goodncrazy-by2.0-1.jpg
money-goodncrazy-by2.0-1.jpg This article is more than 7 years old

Economic inequality by the numbers

The Survey of Financial Security, released Tuesday by Statistics Canada, paints a picture of persistent economic inequality and rising debt. Canadians’ net worth climbed 44.5% since 2005 to $243,800, mostly due to increases in housing prices. But debt levels also went up by 41.6% (totaling $1.3 trillion, mostly in mortgage debt). All figures are adjusted […]

The Survey of Financial Security, released Tuesday by Statistics Canada, paints a picture of persistent economic inequality and rising debt.

Canadians’ net worth climbed 44.5% since 2005 to $243,800, mostly due to increases in housing prices. But debt levels also went up by 41.6% (totaling $1.3 trillion, mostly in mortgage debt). All figures are adjusted for inflation.

And if you dig deeper, there are other numbers that aren’t so pretty. Overall, the distribution was slightly better in 2012 than in 2005, but remains very unequal:

  • The top 20% of Canadians have over 67% of the net wealth. The bottom 60% have only 11.1% percent.
  • The top 40% have 88.9% of the net wealth while the lowest quintile doesn’t even register.
  • The poorest 20% have a median net worth of $1,100 compared to $1.4 million for the highest quintile.
  • 25% of families now have a line of credit with a median value of $15,000, up from 15% in 1999 and with a median value of $6,600.
  • Family units with the major income recipient under 35 years old had the highest debt load in 2012. This may be because the money owed on student loans was up 44.1% since 1999, totaling $28.3 billion.
  • Canadians are relying on housing for their retirement security, with the median value of RRSPs at an inadequate $48,000.

Photo: goodncrazy. Used under a Creative Commons BY 2.0 licence.

Help us protect Canadians by holding the powerful accountable.

Journalism is an important public service. That’s why PressProgress is prioritizing stories aimed at keeping Canadians safe and holding the powerful accountable during the coronavirus pandemic.

Please consider supporting our award-winning non-profit news organization so we can keep making a positive impact for Canadians.

 

Support Our Journalism
PressProgress
PressProgress is an award-winning non-profit news organization focused on uncovering and unpacking the news through original investigative and explanatory journalism.

Most Shared

thumb-2021-02-021 News

Doug Ford, In the Middle of a Deadly Pandemic, Calls Paid Sick Days a ‘Waste of Taxpayers Money’

Related Stories

News

Jason Kenney Quietly Cut His Energy War Room’s Funding By Two-Thirds Using a Sneaky Accounting Trick

View the post
News Brief

Authorities Dropped Criminal Probe Into Canada’s Biggest Newspapers Despite Evidence They Plotted to Shut Down Local Newspapers

View the post
News

Oil Executives Pressured Regina, Saskatchewan to Withdraw Motion Banning Public Buildings From Being Named After Oil Companies

View the post

Explainers

Politics & strategy

Tom Parkin

Why Justin Trudeau and Jagmeet Singh Are Taking Very Different Positions on Private, For-Profit Long-Term Care

View the post
Human rights & inclusion

Amira Elghawaby

Why The Full Impact of Hate Groups on Targeted Communities Is Not Captured By Hate Crime Statistics

View the post
Power and democracy

Andrea Reimer

How The COVID-19 Pandemic Revealed Canada’s Most Powerful People Have Less Power Than They Think

View the post