Think you’re going through it? Generation Z might have you beat.
New research from Interac Corp shows that the younger generation is stressed and overwhelmed by financial responsibilities more than older generations.
In fact, 42 per cent of Gen Zs are more likely to feel stressed, 37 per cent anxious and 31 per cent overwhelmed due to money.
And as they enter the workforce and hit financial ‘firsts’ like buying their own groceries, paying rent or saving for a vacation, things get more complicated.
Additionally, almost eight in ten Gen Z respondents agree that inflation tied in with the cost of everyday essentials are the two major external factors influencing their ability to handle their finances.
Interact also shares that Canadians are shifting their spending habits in response to growing financial frustrations.
“Year-over-year, Interac transaction data shows an increase in the number of transactions with Interac Debit at grocery stores and supermarkets as average basket sizes have decreased,” the company said in a press release issued Wednesday.
“This suggests consumers are transacting more frequently, with smaller basket sizes, perhaps to lessen budget strain. Likewise, discount merchants are seeing greater transaction growth than their premium counterparts, suggesting Canadians are shifting where and how they spend to stretch their dollars further.”
The survey found that this cohort of Canadians are ready for financial advice in order to take back control of their lives once and for all.
In fact, 37 per cent agree that financial advice would be more beneficial.
However, they believe that if financial mentors focused on the emotional aspect of managing money they would be better off.
Gen Zs also tend to ditch professional finance advisors in favour of seeking help from their immediate network like older family members, siblings, cousins and friends.
This online study’s results surveyed 1,751 Canadians and was conducted from Apr.12 to 17. The margin of error is plus or minus 2.5 percentage points, 19 times out of 20.
