Canada Gen Z, Millennials and Finance Consumer Report 2025
"High costs are shaping how Gen Z and Millennials manage money, pushing them to balance digital habits with a need for reassurance."
Radha Paleja, Senior Analyst, Financial Services
Persistent cost‑of‑living pressures are shaping how Gen Z and Millennials approach saving and borrowing. 27% have turned to parents or caregivers to help manage existing debt showing how intergenerational support is no longer a fallback but a structural feature of the financial landscape.
While consumers expect seamless digital experiences, they also seek human reassurance at key moments. Mobile apps dominate everyday banking, yet when choices feel high‑stakes or confusing, young Canadians still rely on branches, phone support, and even traditional mail for added confidence. This challenges assumptions about digital‑only loyalty and underscores the importance of pairing technology with personal guidance.
Providers now face an opportunity to close the advisory gap. Clear, judgment‑free support and transparent, easy‑to‑navigate products are essential. Combining intuitive digital tools with empathetic human expertise will earn deeper trust.
Risk lies in failing to simplify complex offerings or address rising affordability pressures. With Gen Z increasingly skeptical of both traditional credit and buy‑now‑pay‑later services, providers must prioritise education and clarity to stay relevant to a generation that values safety, transparency, and confidence above all else.
This report looks at the following areas:
- Persistent cost‑of‑living pressures and inflation are reshaping saving, borrowing and homeownership timelines
- Gen Z faces student‑debt drag while Millennials are shifting towards housing‑related balances, both report high stress
- Digital first, not digital only, apps lead, but branches and mail still matter for reassurance
- Demand for transparent, reward‑rich and personalized offers, including AI‑assisted planning
- Intergenerational support is normalizing, from everyday expenses to down‑payment help
- Gen Z sees cards as risky and confusing while education and clearer value framing unlock adoption
Market Definitions
For the purposes of this Report, findings are based on 2,000 internet users aged 18+ in Canada, collected in April 2025.
Generational results are shown for Gen Z (18-27) and Millennials (28-45). Older generations (Gen X and Boomers) are included only as context when relevant to interpreting generational differences.
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EXECUTIVE SUMMARY
- What you need to know
- Outlook for Gen Z, Millennials & Finance
- Opportunities
- Expand digital financial ecosystems
- Develop reward-driven financial products
- Personalize and simplify offerings
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THE MARKET
- Gen Z, Millennials and financial interdependence
- Locked out of the housing market
- Graph 1: homeownership rate (%), 1971-2021
- Those who bought housing are asset rich but cash poor
- Graph 2: assets and debts held by age group, 2005-23
- Gen Z and Millennials have career goals in sight
- Graph 3: planned events in the next year, by generation, 2025
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CONSUMER INSIGHTS
- Stress from debt and finances
- Gen Z feels the squeeze: debt stress rivals Millennials
- Major life changes spark financial stress
- Graph 4: Gen Z and Millennials life changes, by stress level, 2025
- Financial habits
- Saving stalls when goals feel distant
- Graph 5: saving vs earning, by generation, 2025
- Gen Z women lead the way in mobile-first payments
- Graph 6: Gen Z mobile wallet and automatic payment usage, by gender, 2025
- Millennial parents seek convenience to balance family finances
- Graph 7: millennial banking preferences, by parent status, 2025
- Debt attitudes
- Gen Z and Millennials share the pressure but carry different debt
- Graph 8: debt attitudes, by generation, 2025
- Gen Z women feel more pressure to rely on debt
- Graph 9: Gen Z debt accumulation attitudes, by gender, 2025
- Millennials shift debt focus from education to homeownership
- Graph 10: Millennials debt attitudes, by younger/older millennials, 2025
- Financial channel usage
- Gen Z and Millennials bank across channels for reassurance and access
- Graph 11: financial channel usage, by generation, 2025
- Gen Z men trust social media and podcasts for financial guidance
- Graph 12: Gen Z financial channel usage, by gender, 2025
- Gen Z need credible sources for financial research
- Financial preferences
- Personalized, AI-driven tools win over Gen Z and Millennials
- Gen Z men value exclusive benefits
- Graph 13: willingness to pay for monthly subscription, by generation and gender, 2025
- Millennial parents prefer no sweat solutions
- Graph 14: Millennials willing to share data or pay a monthly subscription for financial benefits, by parental status, 2025
- Payment attitudes
- BNPL is attractive but not trusted
- Gen Z sees credit cards as risky and confusing
- Graph 15: select descriptions of credit cards, by Gen Z and Millennials, 2025
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INNOVATION AND MARKETING STRATEGIES
- Innovation and marketing
- Gen Z need human-centered support for life changing purchases
- Gen Z need support being early in their careers
- Rewards and simplicity for Gen Z consumers
- Help Millennials compare, not choose
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APPENDIX
- Market definition
- Consumer research questions
- Consumer research methodology
- Correspondence analysis methodology
- Generations
- Abbreviations and terms
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