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
"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.
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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