Battle of the generations: Who’s having the hardest time with funds in Canada?

Which era has the best time with debt?

In response to the ballot, 55.5% of Canadians assume 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 prime 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 era 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 few third of them (33.6%) say Boomers did. Seems, the finger-pointing recreation isn’t between Gen Z and Boomers, however between the Silent Era and Boomers. 

What are the largest points going through Canadians?

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

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

Generational report card for funds

As a part of the examine, MoneySense additionally requested individuals to grade themselves on their confidence about specific monetary matters and issues. Right here’s what they mentioned. 

Confidence in capacity to repay debt

Canadians total are fairly assured of their capacity to repay debt, with the vast majority of respondents giving themselves both an A or B grade. “A” meant “Not a problem 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 essentially 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, relatively than how a lot they’ve saved.