This report examines trends in household wealth since the 1980s—in Canada as a whole and in the Atlantic region. In particular it looks at trends in wealth distribution, including Atlantic Canada’s share of national wealth and in the portion of wealth owned by the top, middle and lower wealth groups.
The report examines financial security and trends in total household debt, and assesses how many Atlantic Canadians are so seriously in debt that they could not pay off their debts even if they sold everything they owned, including their homes. It undertakes a detailed examination of household borrowing patterns and of the different kinds of debt, including mortgages, student loans, vehicle loans, lines of credit, credit card debt, and payday loans, and looks at their implications for financial security. The report also includes additional sections on trends in bankruptcies and government debt.
Financial security is a key measure of progress and wellbeing in the Genuine Progress Index (GPI) because adequate wealth enables households to weather the unexpected financial crises that can result from job loss, sickness, or loss of an income-earning partner. They can also provide a reserve for house or car repairs that are suddenly required, or for other unanticipated financial outlays that would strain normal income.
Conversely, financial insecurity can seriously compromise wellbeing and cause a range of other problems including stress, anxiety, illness, and (in extreme cases) even crime and suicide. As well, sharp wealth and income inequalities can threaten social stability and cohesion, and undermine productivity and health. For these reasons, financial security is one of the 20 core components of the Nova Scotia GPI.
This study examines trends in economic security in Nova Scotia and nationwide from 1981 to 2007, by means of an Index of Economic Security that is based on the risks faced by Nova Scotians when they are sick, elderly, unemployed, or single parents. The report also examines the level of economic security provided by Nova Scotia’s social safety net—including minimum wage and social assistance levels, and child benefits. In order to assess the adequacy of the minimum wage, the authors calculate the number of hours at minimum wage that have to be worked to reach the low-income cut-off line.
The purpose of this study is to indicate some public treasury effects of removing wage discrimination against women in the province of New Brunswick. For this purpose, a quantitative estimate of the gender wage gap resulting from discrimination is obtained. This quantitative estimate is then used to estimate the potential effect on the provincial public treasury that would likely occur if a program aimed at removing wage discrimination in the province were introduced. The particular components of the public treasury that are considered include: government tax revenue, health care costs, and government transfers paid to individuals and families. The effect on these public treasury components is then compared with the additional employer payroll cost resulting from higher wages for women under an anti-discriminatory program.
Authors: Colin Dodds, M.A. and Ronald Colman, Ph.D
Statistical and socio-economic analysis of income distribution trends regionally and over time in Nova Scotia, including inter-provincial and gender comparisons. Accompanied by a 266-page database with income distribution trends for Canadian provinces.
