‘They have not received a raise in 25 years’: Young men are now being out-earned by seniors for the first time ever

Missing Middle Initiative founding director Mike Moffat reveals new data that shows, for the first time in Canadian history, the average 65-year-old man now earns more than the average 25–34-year-old man, with their median incomes falling by $14,300. The economist explains how this happened, and what the implications are for generations of younger men facing bleaker prospects. You can listen to this episode on Amazon, Apple, and Spotify. Program Summary This is an automated summary. Please check against delivery. A significant economic shift has emerged in Canada, marking a historic reversal in the financial fortunes of different age groups. For the first time in the nation’s history, senior men now earn more on average than men in their prime working years, signaling a fundamental transformation in how prosperity is distributed across generations. This economic divergence represents decades of contrasting trends. While seniors have experienced steady income growth over nearly half a century, younger men have seen their earning power stagnate. The financial situation for men in their late twenties and early thirties remains essentially unchanged from levels recorded decades ago, despite significant increases in educational attainment and delayed entry into the workforce. The income figures reflect all sources of financial support, including employment earnings, investment returns, and government transfers such as employment insurance and pension benefits. After accounting for inflation and taxes, the data reveals that seniors have benefited from both enhanced government support programs and increased workforce participation, while younger cohorts have struggled to gain economic traction. Several structural factors contribute to this generational divide. Young men today pursue education longer than previous generations, delaying career starts and reducing lifetime earning potential. Upon completing their studies, many face prolonged periods of underemployment, cycling through precarious gig economy positions before securing stable full-time work. This delayed career launch creates lasting disadvantages that compound over time. The transformation of Canada’s economic landscape plays a central role in these outcomes. The decline of manufacturing and warehousing sectors has eliminated traditional pathways to middle-class prosperity. Opportunities that once allowed workers with limited formal education to secure well-paying union positions have largely disappeared, requiring today’s workforce to invest more years in education for comparable or lesser economic outcomes. This phenomenon extends beyond Canada’s borders, with similar patterns emerging across Western economies. The trend reflects both improvements in senior financial security and deteriorating prospects for younger workers. While enhanced retirement benefits and investment income have lifted older Canadians, younger generations face diminished opportunities in a fundamentally altered economic environment. The housing crisis amplifies these economic challenges. Even young people earning respectable incomes find themselves priced out of homeownership in major urban centers, forcing difficult choices between career opportunities and affordable living situations. This disconnect between income and housing costs delays family formation and creates broader social consequences beyond immediate financial concerns. These economic pressures are reshaping Canadian politics in profound ways. Traditional voting patterns have inverted, with younger men now more likely to support conservative parties than older generations. This represents a dramatic departure from historical norms and reflects deep frustration with existing economic arrangements. The political implications extend to growing polarization and disillusionment with centrist politics. Young voters increasingly gravitate toward political extremes, expressing dissatisfaction with systems they perceive as failing to deliver promised opportunities despite their adherence to conventional paths of education and career development.