Statistics Canada released some new population statistics which show the Canadian population is changing because baby boomers are getting older and immigration is boosting numbers in younger generations. StatsCan says this will have significant consequences particularly on the labour market, in services to seniors, and on consumption of goods and services.
For the first time since the end of the baby boom, baby boomers-who were born between 1946 and 1965 and were between the ages of 56 and 75 in 2021-make up less than a quarter of the Canadian population. Millennials, who are those between 25 and 40 years old in 2021, are the fastest-growing generation. Their numbers rose 8.6% during the census period. This increase is due to immigration and are the generation that accounts for the largest share of the working-age population at 33.2 per cent.
And at 35.1 per cent Millennials also accounted for more than one-third of the downtown population of large urban centres in Canada in 2021, while baby boomers accounted for one-fifth. Statistics Canada says with baby boomers reaching advanced ages is gradually putting more pressure on the health and home care system as well as pension plans although many baby boomers are choosing to stay in the workforce longer.
New population statistics show that Canada faces record retirements from an aging labour force with the number of seniors aged 65 and older growing six times faster than children 14 and younger.
More than one in five individuals are close to retirement which is an all time high in the history of Canadian census. From 2016 to 2021 the number of people aged 65 and older rose 18 per cent to 7 million. Statscan says this brings with it challenges that are associated with an older workforce, including knowledge transfer, retaining experienced employees, and workforce renewal.
And Canada is the first country to provide census data on transgender and non-binary people. Approximately one out of every 300 people in Canada aged 15 and older in May 2021 were either transgender or non-binary.
