North Of The Border

Understanding Financial Wellness Across Generations

Younger Canadians under 55 years old report dissatisfaction with available financial planning services, underscoring the need for more customized financial advice

A new report from The Canadian Credit Union Association provides a detailed look at the financial challenges and attitudes towards money management among different age groups.

–TORONTO–The Canadian Credit Union Association (CCUA) today unveiled the results from its latest study, focusing on the financial well-being of younger Canadians. This report, part of an ongoing series, reveals that Millennials and Generation Z are more likely to report poorer financial health compared to older demographics.

The survey of 1,639 Canadians, facilitated by the Angus Reid Group, highlights significant generational disparities in financial stability and planning. Key findings include:

  • Millennials and Gen Z are more likely to express concerns about their financial futures, with many lacking adequate emergency savings.
  • Younger Canadians under 55 years old frequently report greater dissatisfaction with available financial planning services, underscoring the need for more customized financial advice.
  • A notable percentage of younger individuals delay major life decisions due to financial constraints, a trend less prevalent among older Canadians.

“These insights reveal the unique financial challenges faced by younger generations, highlighting the critical role of tailored financial services that cater specifically to their needs,” said Jeff Guthrie, President and CEO of CCUA.

The report also emphasizes the role of credit unions in providing personalized financial guidance and support, which is especially beneficial for younger Canadians navigating an uncertain economic landscape.

“The findings from our latest poll underscore the importance of understanding and addressing the distinct needs of younger Canadians. Credit unions, with their deep commitment to community and personalized service, are exceptionally positioned to meet these challenges,” Guthrie said.

For more information about the survey findings and to access the full report, visit the CCUA website.

 

 

 

About Canadian Credit Union Association (CCUA)
The Canadian Credit Union Association (CCUA) is the national trade association for Canada’s credit unions, caisses populaires (outside Quebec), and regional Centrals. Representing 193 credit unions and caisses populaires with $308 billion in assets, CCUA provides advocacy, research, education, and compliance support to its members. CCUA is dedicated to the success of credit unions and promoting their values of putting members first and supporting local communities.