Despite growing anxiety, Canadians are working towards stronger finances
Most Canadians continue to show concern about the future of their finances, given the current worries about how the economy may be impacted by tariffs and high prices.
A new national survey from Co-operators reveals a growing wave of financial anxiety across Canada with just 34% of respondents feeling optimistic about their financial future, falling to 28% among Gen Zs and 26% for Millennials (26%).
When asked what’s driving that worry, inflation (72%), housing costs (47%), and the job market (43%) are the top three factors and while half of respondents say they’re investing, more than one in four (27%) say they simply don’t have the money to do so.
However, those who work with a financial advisor report feeling significantly more hopeful and resilient: 64% of those with an advisor say they feel optimistic about their financial future compared to just 44% of those going it alone.
They’re also more than twice as likely to feel very confident in making financial decisions with 94% saying that their advisor has helped them navigate recent economic challenges and those with an advisor (52%) are twice as likely to say they’re on track to meet their goals, compared to those without (26%).
“There’s a growing confidence gap—especially among younger Canadians,” says Jessica Baker, Executive VP and Chief Retail Sales Officer at Co-operators. “But we’re also seeing that support from a trusted advisor can really turn that around. People want clarity, not complexity. Human connection and tailored advice are what make that possible.”
Young Canadians in particular are looking for help, but many don’t know where to begin. Among Gen Z and Millennials who aren’t working with an advisor, common barriers include not knowing how to get started, concerns about cost, and feeling intimidated by the whole process.
But uncertainty also presents opportunity with more Canadians open to financial guidance, but nearly half of respondents (43%) say they’re not sure who to trust for financial advice.
The poll also found that Gen Z (26%) and Millennials (22%) are especially unlikely to feel confident they could handle an unexpected financial emergency, while 58% of Canadians say they wish they’d started financial planning sooner.
