A growing number of younger Canadians are shaking off traditional money advice that once guided earlier generations, according to a new survey by Simplii Financial.<\/p>\n
The poll found that one in four Canadians (25%) believe advice from older generations \u201cno longer feels relevant\u201d\u2014 a figure that jumps to 34% among Gen Z respondents in particular. Among those aged 18 to 34, nearly half say that conventional counsel about home-buying doesn\u2019t apply to them, and more than a third question age-old perspectives on employment and income.<\/p>\n
\u201cFor a lot of young Canadians, financial advice from parents only resonates if it reflects their day-to-day reality,\u201d said Atanaska Novakova, EVP and head at Simplii Financial, in a statement.<\/p>\n
While many Canadians still value the wisdom passed down by older relatives, the survey highlights a significant divide: 39% of all respondents feel that older generations may not fully grasp today\u2019s financial realities. The gap is especially stark among younger adults, with 90% of 18 to 34 year-olds believing that building wealth is harder now than it was for their parents.<\/p>\n
Money expert and author Jessica Moorhouse echoes this shift: \u201cIt\u2019s not that younger Canadians don\u2019t want advice; they want advice that fits,\u201d she said in the release. \u201cToday\u2019s young adults are navigating entirely different financial pressures than their parents did, from cost-of-living challenges to digital side hustles.\u201d<\/p>\n
The survey also found that 91% of Canadians believe financial advice should be tailored by generation and life stage. When it comes to investing, 49% said they wish they\u2019d learned more about it earlier. Meanwhile, 25% of Canadians under 35 describe their own financial literacy as low.<\/p>\n