Young Canadians chase real financial security while navigating pressures to appear successful online
Nearly two in three Gen Z Canadians believe they are falling behind their peers financially, yet more than half feel compelled to maintain a successful image on social media.
This tension between outward appearances and internal realities is shaping the financial landscape for young Canadians as they navigate early adulthood.
The latest TD survey reveals that 53 percent of Gen Z respondents feel pressure to project financial success online, even as 65 percent admit to feeling left behind.
Kristy Irwin, product group owner, Youth & Student, observed that “Gen Z is under constant pressure to appear financially secure as soon as they begin their careers, while many are struggling behind the scenes with stress, debt and uncertainty.”
She added that the need to “look like they have it all together—for friends, family and social media—only adds to the real financial challenges they already face in today’s tough economy.”
Financial anxiety is widespread.
Almost half of Gen Z (47 percent) cite the high cost of living as the main obstacle to reaching their financial goals, while more than a third (36 percent) say their income is insufficient to get ahead. One in five (20 percent) are unsure where to begin with managing their money.
The survey also finds that 73 percent worry a single financial misstep could set them back, and 66 percent feel pressure to achieve milestones like homeownership or wealth-building by a certain age.
Despite these challenges, Gen Z is redefining what financial success means. Present-day freedom, stability, and quality of life are top priorities.
Gen Z is twice as likely as older generations to want to save for a better lifestyle (17 percent, compared to Millennials at 10 percent, Gen X at 5 percent, and Boomers at 4 percent).
Long-term goals remain important, with 19 percent aiming for homeownership and 17 percent seeking financial independence.
However, only 55 percent believe they will be able to retire comfortably, and half (50 percent) prefer to spend on experiences such as travel and dining out rather than save for the future.
Beneath these aspirations lies significant financial stress.
Only 37 percent of Gen Z Canadians feel in control of their money, while 64 percent experience financial stress multiple times a week—more than any other generation surveyed (Millennials: 55 percent, Gen X: 42 percent, Boomers: 27 percent).
Irwin acknowledged that “the mounting pressures don’t mean that there aren’t real ways to make progress towards your financial goals.”
She emphasized that “even taking small steps can add up to big wins in both the near-term and the long run,” noting that young Canadians are especially well-positioned to start building strong savings habits at this stage of life.
