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Young People in Canada Have Never Been as Financially Crippled as They Are Now

Trigger warning: We are fucked.
Surely this is more than most of us have in our wallets currently. Photo via Flickr user Andrew Currie

When it comes to student debt, most of us are fucked and we know it. But some days, proof about just how fucked we are is released to ensure we never forget our dire situations. Today is one of those days. According to a new Oxfam report, young people in Canada are not only dealing with the highest student debt in Canadian history—they're also working more and earning less than ever.

If you're not already thoroughly triggered, consider another finding that this report included: The income gap between the young and old is widening. That's right, our parents' generation not only continues to make more than some of us ever could hope to, but it's getting worse. Meanwhile, the unemployment rate of people between the age of 15-24 is almost double Canada's average overall.

According to the report, "The policies that enabled an outrageously large portion of the world's wealth to accrue to the very top of the income spectrum have delivered a difficult present and uncertain future to a huge majority of today's youth." Great.

Most of us find ourselves in "low paying and temporary" work, according to report, and adding insult to injury, most jobs these days require some type of postsecondary education. But that education is increasingly coming at a higher price: Tuition has more than tripled over the last two decades, and "the average university student is nearly $30,000 in debt."

While we wait for the older generation to die out, at least we can take solace in knowing that even though we are fucked, at least we're in good company.

Follow Allison Tierney on Twitter.