Young Canadians say social media and rising costs fuel concerns about buying a home
For many young Canadians, the dream of homeownership has become a source of mounting anxiety rather than optimism, as new research highlighted the growing financial pressures facing Generation Z.
A recent TD survey found that more than half (53%) of Gen Z respondents—those born between 1997 and 2012—felt compelled to project an image of financial stability, even as they struggled behind the scenes with debt, stress, and uncertainty.
“Gen Z is under constant pressure to appear financially secure as soon as they begin their careers, while many are struggling behind the scenes with stress, debt and uncertainty,” said Kristy Irwin, Product Group Owner, Youth & Student at TD.
“The pressure to look like they have it all together—for friends, family and social media—only adds to the real financial challenges they already face in today’s tough economy.”
The survey revealed that almost half (47%) of Gen Z cited the cost of living as the biggest obstacle to reaching their financial goals, while over a third (36%) said their income wasn’t enough to get ahead.
One in five admitted they didn’t know where to start when it came to managing their money, and nearly three-quarters worried that a single financial misstep could set them back significantly.
Homeownership, long considered a cornerstone of financial success in Canada, is now viewed by many Gen Z Canadians as an increasingly distant milestone. Sixty-six percent reported feeling pressure to hit traditional financial milestones, like buying a home or building wealth, by a certain age.
Only 19% said homeownership was a top financial goal, and just over half believed they would be able to retire comfortably.
There has been a widening gap between young Canadians’ homeownership aspirations and the realities of the current housing market.
An Abacus Data and Canadian Real Estate Association (CREA) report found that while the rising cost of living remains the top community concern (59%), housing (38%) now surpasses even healthcare (30%) in the national psyche. Younger Canadians are particularly affected, with 41% of those aged 18–29 and 39% of those aged 30–44 citing housing as a top issue.
Canadian workers are making some financial gains, with Gen Z saving the most, but buying a home is still tough, according to a National Payroll Institute survey. That's why more Canadian parents and grandparents are stepping in to help Gen Z and millennials handle rising financial pressures.
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