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<\/p>\nThe majority of younger Canadians are feeling stressed about their financial situation, according to a new survey, while at the same time facing few job prospects, stagnating wages and high unemployment.<\/p>\n
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They\u2019re also reporting social media is adding additional, unrealistic pressures.<\/p>\n
And experts say that if left untreated, stress can lead to more severe mental and even physical health issues.<\/p>\n
\u201cThere\u2019s always been an element of \u2018keeping up with the Joneses,\u2019 but now you\u2019re seeing it constantly through social media, digital advertising and algorithms that read data on our phone,\u201d says Kaylie Tiessen, chief economist at the Canadian Shield Institute for Public Policy.<\/p>\n
\u201cWhether they\u2019re influencers or friends and family \u2014 nobody\u2019s posting the \u2018grumpy\u2019 picture. Maybe occasionally, but it\u2019s not what you\u2019re inundated with every day.\u201d<\/p>\n
A TD Bank survey <\/a>asked more than 500 Gen Z Canadians (ages 18-28) about their financial well-being, and more than half identified as young professionals who have been in the workforce one to five years.<\/p>\n Story continues below advertisement<\/p>\n Fifty-three per cent of those surveyed said they felt compelled to maintain a successful image on social media, while nearly two in three (65 per cent) believed they were falling behind their peers financially.<\/p>\n Sixty-six per cent said they felt pressure to hit financial milestones like buying a home or building wealth by a certain age.<\/p>\n Statistics Canada reported in September that the gap continues to widen<\/a> in Canada between the wealthiest and lowest income households, and that both younger age and lower income groups were growing their net worth and disposable income at a slower pace than wealthier and older Canadians.<\/p>\n \t\t\t\tHow financial stress can impact your health\n\t\t\t\t\t\t<\/p>\n The idea of people being motivated to meet or exceed the expectations and milestones of peers may not be new, but experts say there have been signs it is increasing feelings of \u201canxiety\u201d among younger groups in recent decades.<\/p>\n Story continues below advertisement<\/p>\n \u201cOne thing that we\u2019ve seen over the last decade or two is an increase in anxiety in children and young adults and also an increase in \u2018perfectionism\u2019 \u2014 this desire to perform at a higher level and have higher standards and be concerned about coming across as less than those standards. So that doesn\u2019t surprise me at all, that it is being found in TD\u2019s research,\u201d says psychology professor Dr. Martin Antony at Toronto Metropolitan University.<\/p>\n \t\t\t\t\t \t\t\t\t\tGet weekly health news<\/p>\n Receive the latest medical news and health information delivered to you every Sunday.<\/p>\n \u201cMost of us present ourselves in the best possible light online. We know that we all tend to compare ourselves to other people. And if you\u2019re comparing yourself to other people who always seem better than you, we call those \u2018upward social comparisons.’\u201d<\/p>\n According to the World Health Organization<\/a>, half of all mental health disorders in adulthood start by age 18, and most cases are undetected and untreated.<\/p>\n \t\t\t\t\t\t \n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t4:59 Canada\u2019s unemployment rate topped seven per cent in September<\/a>, which continues to be much higher for youth categories, according to Statistics Canada.<\/p>\n Story continues below advertisement<\/p>\n The agency notes that unemployment for students was more than 17 per cent in September \u2014 up three per cent from a year prior.<\/p>\n A tough job market overall may be even harder for recent graduates<\/a> to break into as businesses pull back on expansion plans amid the trade war and impacts from U.S. tariff policies<\/a>. Combined with the heightened cost of living<\/a>, including for housing and food, younger Canadians are reportedly struggling to make ends meet.<\/p>\n \u201cLooking at young workers, they have fewer job opportunities. So the unemployment rate is the highest it\u2019s been in the last 25 years outside of the pandemic or the Great Recession \u2014 we\u2019re in crisis mode for this group,\u201d says Tiessen.<\/p>\n \u201cOverall fewer jobs, fewer hours and less pay means that they are really struggling to get by.\u201d<\/p>\n \t\t\t\tWhat is holding Gen Z back?\n\t\t\t\t\t\t<\/p>\n Nearly half of Gen Z (47 per cent) told the TD survey the cost of living was their biggest barrier to reaching their financial goals, and more than a third (36 per cent) said their current income isn\u2019t enough to get ahead.<\/p>\n \n\t\tTrending Now\n\t<\/p>\n \t\t\t<\/p>\n \t\t\t\t\t\t \n\t\t\t\t\tWoman fired after threatening to \u2018call ICE\u2019 on Dodgers fan during playoff game\n\t\t\t<\/p>\n \t\t\t<\/a><\/p>\n \t\t\t<\/p>\n \t\t\t\t\t\t \n\t\t\t\t\tBail reform targeting violent crime coming next week, Carney says\n\t\t\t<\/p>\n \t\t\t<\/a><\/p>\n Story continues below advertisement<\/p>\n Meanwhile, two in three (64 per cent) of Gen Z said they experience financial stress multiple times a week \u2014 more than any other generation (Millennials: 55 per cent, Gen X: 42 per cent and Boomers: 27 per cent).<\/p>\n Financial experts believe what sets Gen Z apart from other categories, other than their age, is how social media dials up the pressure to reach certain milestones that may not be realistic given some economic challenges \u2014 especially those faced by younger Canadians.<\/p>\n \n\t\t\tMore on Health \u201cIt\u2019s the pressure of \u2018having it all together\u2019 in an uncertain economy with rising costs,\u201d says Sumaiya Bhula, a senior manager at TD Bank Group.<\/p>\n \u201cSocial media really amplifies stress beyond traditional financial concerns where they (Gen Z) are really feeling the weight from their peers, family, and online comparisons. Gen Z is, unfortunately, feeling that much more anxiety to keep up with what they\u2019re seeing online, which may not be the reality of a lot of individuals.\u201c<\/p>\n The cost of living continues to rise, with August\u2019s reading on consumer prices<\/a> for goods and services increasing by nearly two per cent. Although the Bank of Canada believes this may be a relatively good signal for now<\/a>, it adds that the tariff outlook means it remains \u201cuncertain,\u201d and there is still a significant risk of potential price spikes.<\/p>\n![\"Receive](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/10\/healthiq.jpg\")
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