Canadians taking longer to reach goal despite longer work hours

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Canadians are taking more courses in a bid to keep up with changes in the workplace, they are literally taking up second jobs just to pay for tuition or put food on the table and spending more time on the road in the process but despite these efforts, it is taking them longer to reach their financial and professional goals.

This report comes courtesy Statistics Canada.

The data released Wednesday show more than half of Canada’s core working population — those aged 25 to 64 — have earned degrees or diplomas from a college or university, the highest rate among comparable OECD countries, a group that includes the United States.

Women accounted for half of all master’s degrees in 2016, and nearly half of all earned doctorates among younger Canadians aged 25 to 34.

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One-fifth of seniors over 65 remained in the workforce in 2016, twice the rate of 1996, while median income for full-time workers increased 30 per cent over the last decade. At the other end of the age spectrum, the employment rate for Canadians 15 to 24 dropped by almost six percentage points compared with 2006.

The “journey to work” inched higher across Canada last year, even with more Canadians than ever opting to use public transit for their daily commute.

There are more people over 65 than under 15 in a historic grey shift; immigrants are driving population and workforce growth; there are more Indigenous Peoples than ever, and on average they’re younger than the rest of Canada; and young Canadians are living at home longer.

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Older Canadians are lingering longer in the workforce, some because they can, others because they must which brings about other problems for younger entrants.

Replacing retiring workers will depend on immigrants, who are driving population growth in the face of low fertility rates. The proportion of immigrants in the population could reach 30 per cent by 2036, up from the 21.9 per cent recorded in 2016.

Other headwinds could bring a profound change for Canadians such as online retailing that could impact 626,775 people working in retail sales which happens to be the most common occupation recorded by the census. – CINEWS

 

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