New study reveals Millennials and Gen Z face unique financial challenges, underscoring need for tailored services
The Canadian Credit Union Association (CCUA) has released a new report today that sheds light on the financial well-being of younger Canadians, particularly Millennials and Generation Z.
The report is part of a series and draws on a survey conducted by the Angus Reid Group involving 1,639 Canadians. It reveals that these younger demographics are experiencing poorer financial health compared to their older counterparts.
Key findings from the study indicate that Millennials and Generation Z are more concerned about their financial futures, with many lacking sufficient emergency savings.
Additionally, Canadians under 55 years old often express dissatisfaction with the financial planning services currently available, pointing to a demand for more personalized financial advice.
The survey also found that a significant number of younger individuals are postponing major life decisions due to financial limitations, a trend that is less common among older demographics.
Jeff Guthrie, president, and CEO of CCUA, commented on the results, stating, “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.”
The report underscores the importance of credit unions in offering customized financial guidance and support, which is particularly valuable for younger Canadians navigating a challenging economic environment.
Guthrie further noted, “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.”
