Millennial families across Canada are expressing disappointment with the recent federal budget, citing ongoing struggles with the high cost of living. Many were hopeful that the budget would address their financial concerns, but instead, they feel let down by the lack of concrete solutions.
According to a recent survey conducted by the Canadian Association of Family Resource Programs, 78% of millennial families are struggling to make ends meet due to the rising cost of housing, childcare, and other essential expenses. This demographic, which includes individuals born between 1981 and 1996, is facing significant financial challenges, despite being in their prime working years.
One of the main issues highlighted by millennial families is the lack of affordable housing. With skyrocketing housing prices in major cities like Toronto and Vancouver, many young families are finding it difficult to enter the housing market. The federal budget did include measures to address this issue, such as the First-Time Home Buyer Incentive and the Canada Housing Benefit. However, these initiatives have been criticized for not going far enough to make a significant impact.
Childcare costs are another major concern for millennial families. The average cost of childcare in Canada is around $1,000 per month, making it one of the highest in the world. The federal budget did allocate $30 billion over five years for a national childcare program, but many families feel that this is not enough to make a significant difference in their monthly expenses.
In addition to housing and childcare, millennial families are also struggling with the rising cost of education, healthcare, and groceries. With stagnant wages and increasing living expenses, many are finding it challenging to save for their future and provide for their families.
While the federal budget did include some measures to address these issues, such as increasing the Canada Child Benefit and introducing a new tax credit for low-income workers, many millennial families feel that these solutions are not enough to alleviate their financial burdens.
In response to the disappointment expressed by millennial families, Finance Minister Chrystia Freeland stated that the budget was designed to support all Canadians, including young families. She also acknowledged that more needs to be done to address the cost of living struggles faced by this demographic.
In conclusion, millennial families across Canada are feeling let down by the federal budget, as it did not provide the much-needed relief from the high cost of living. While some measures were included to address their concerns, many feel that more needs to be done to support this demographic and ensure their financial stability.
