Battle of the generations: Who’s having the toughest time with finances in Canada?

Which technology has the simplest time with debt?

In response to the ballot, 55.5% of Canadians suppose that Boomers (born 1946 to 1964) had a neater time with debt, and the Silent Era (born 1925 to 1945) is available in subsequent at 21.8%. Gen Z (born 1997 to 2009) is on the backside with 4%, with Millennials (born 1981 to 1996) above at 6.8% and Gen X (born 1965 to 1980) on high at 12%. 

Boomers have it best, say the next generations:

• 63.4% of Millennials say Boomers have it best
• 59.4% of Gen X say Boomers have it best
• 41.9% of Gen Z say Boomers have it best

However how did Boomers and people within the Silent Era reply? Simply over half of Boomers (53.8%) say their technology had it best, and 26% say the Silent Era did. Fewer than half of the Silent Era (44.8%) say they’d it best, and a couple of third of them (33.6%) say Boomers did. Seems, the finger-pointing sport isn’t between Gen Z and Boomers, however between the Silent Era and Boomers. 

What are the largest points dealing with Canadians?

Value of dwelling (34.5%) and retirement (36.4%) got here in neck-and-neck within the general ballot outcomes for all generations. Nonetheless, once we look into the responses for every technology, a unique story rises to the floor.

• Gen Z says housing prices and the price of dwelling are the largest points (tied at 30.2%), beating scholar debt (23.3%)
• Millennials say housing prices (45.5%) and the price of dwelling (39.3%)
• Gen X says value of dwelling (35.0%), retirement (32.4%) and housing prices (19%)
• Boomers say retirement (46.6%) and the price of dwelling (32.6%)
• Silent Era says value of dwelling (44%) and retirement (30.4%)

Generational report card for funds

As a part of the research, MoneySense additionally requested members to grade themselves on their confidence about explicit monetary matters and considerations. Right here’s what they stated. 

Confidence in capability to repay debt

Canadians general are fairly assured of their capability to repay debt, with nearly all of respondents giving themselves both an A or B grade. “A” meant “Not a difficulty for me as a result of I’ve no debt,” and “B” was “Very assured. I really feel it’s very manageable.” 

Nonetheless, Gen Z gave themselves probably the most Cs of all of the generations (30.2%), admitting they solely really feel “Considerably assured. I’m capable of make minimal funds.”

Confidence in financial savings progress

This query requested if respondents are capable of see their financial savings working for them, moderately than how a lot they’ve saved.