A new survey shows Gen Z and millennials are rethinking financial wisdom from their parents
A growing number of young Canadians are challenging the financial advice passed down from their parents, as shifting economic realities and evolving housing markets prompt a generational rethink on homeownership and wealth-building, according to a recent poll commissioned by Simplii Financial.
The survey found that one in four Canadians—rising to 34% among Gen Z—believed guidance from older generations no longer felt relevant.
Nearly half of 18–34-year-olds said advice on buying a home did not apply to their circumstances, and more than a third questioned traditional perspectives on employment and income.
“For a lot of young Canadians, financial advice from parents only resonates if it reflects their day-to-day reality,” said Atanaska Novakova, EVP and head, Simplii Financial.
Generational gaps in financial advice
Most Canadians still valued advice from older generations, but 39% felt their parents didn’t fully understand today’s financial challenges. The gap was widest among young adults: 90% of those aged 18–34 said building wealth was harder for them than it was for their parents.
“It’s not that younger Canadians don’t want advice; they want advice that fits,” said Jessica Moorhouse, Canadian money expert and best-selling author.
“Today’s young adults are navigating entirely different financial pressures than their parents did, from cost-of-living challenges to digital side hustles. That’s why personalization, flexibility, and empathy matter more than ever.”
First-time buyers are increasingly seeking guidance not just on rates, but on managing financial anxiety and uncertainty in a volatile market. Mortgage brokers and lenders may need to adapt their advisory strategies, focusing on education and emotional reassurance as much as on product features or pricing.
A recent BMO survey found that 45% of Canadian parents and grandparents are stepping in to help Gen Z and millennials handle rising financial pressures. Meanwhile, 41% of first-time homebuyers expect financial help from family or friends, while 51% do not, according to Royal LePage.
Modern money realities: A new landscape
The poll also highlighted a demand for tailored, stage-of-life guidance. Ninety-one per cent of respondents agreed that financial advice should be personalized by generation and life stage, while 49% wished they’d learned more about investing earlier—a figure that rose to 54% among women.
Notably, 40% of women and those aged 35–54 reported feeling overwhelmed by the number of financial tools available, and 25% of Canadians under 35 cited low financial literacy. Yet, a quarter of 18–34-year-olds said they felt empowered by the growing range of digital tools, suggesting openness to intuitive, self-directed options.
As Canadians continue to navigate money conversations across generations, experts urge families to “talk early and often,” lead with listening, and challenge assumptions that may no longer fit today’s economic landscape.
“Canadians, especially younger generations, are starting to define financial priorities and success on their own terms,” Novakova said.
In fact, a CIBC Investor’s Edge survey found that almost half of Gen Z and millennial investors in Canada relied on gut instinct instead of research when making investment decisions.
Seven in 10 Canadians (69%) said their personality influenced their investment approach, with this figure rising to 75% for Gen Z and 76% for millennials. However, only 55% of Canadians aged 18 to 34 felt confident investing, compared to 64% of those over 55.
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
