Young Canadians are increasingly planning their financial futures as the world faces down the second the year of the coronavirus pandemic, according to a new survey by Sun Life Financial Inc.
It found that 89 per cent of generation Z (ages 18 to 23) and 80 per cent of millennials (ages 24 to 39) are saving and planning for the future. However, nearly three-quarters (74 per cent) of gen-Zers and 60 per cent of millennials said they’ve had difficulty in saving due to a loss of income or employment.
And while 81 per cent of gen-Zers and 76 per cent of millennials said they’ve increased their focus on financial security, only 61 per cent of generation X (ages 40 to 55) and baby boomers (ages 56 and older) shared those concerns.
In a press release, Oricia Smith, president of Sun Life Global Investments and senior vice-president of investment solutions at Sun Life Canada said while the desire to save for the future is typically more prevalent among older Canadians, the pandemic has shifted priorities among different generations.
“The uncertainty created by [the pandemic] has highlighted the importance of preparing for the unexpected. It’s encouraging to see younger generations take an interest in setting achievable goals, planning for the future and investing even a small amount of money.”