A CCUA study sheds light on the financial hardships facing Millennials and Gen Z, underscoring the need for customized financial advice
The Canadian Credit Union Association (CCUA) has released a study shedding light on the financial well-being of Millennials and Generation Z in comparison to older demographics.
Conducted by the Angus Reid Group, this survey of 1,639 Canadians is part of a series aimed at exploring financial health across different age groups.
The findings indicate that Millennials and Generation Z report lower levels of financial health than older generations. These younger Canadians are more concerned about their financial futures and often do not have sufficient emergency savings.
The survey also reveals a general dissatisfaction with existing financial planning services among Canadians under 55, highlighting a demand for more tailored financial advice.
Additionally, a significant portion of younger individuals are postponing major life decisions due to financial limitations, a trend that is not as common among older age groups.
“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 underscores the valuable role that credit unions play in providing personalized financial guidance and support.
“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 emphasized.
