A new survey commissioned by TD Bank Group suggests that nearly three-quarters of Gen Z Canadians are drawn to entrepreneurship, though many are hesitant to seek support from financial institutions.
According to the survey, conducted by The Harris Poll Canada, 73 per cent of Gen Z respondents said they find the idea of starting their own business appealing. However, 67 per cent are not actively reaching out to their banks for assistance.
Julia Kelly
“We’re witnessing a surge of entrepreneurial drive amongst young Canadians and there’s an opportunity to bridge the gap that many new small business owners face,” said Julia Kelly, vice-president of small business banking at TD Bank Group.
“We often hear from young entrepreneurs that they’re brimming with ideas but don’t know where to start — whether that’s how to structure a business plan, navigate cash flow management or understand what government grant programs are available. That’s where relatable advice from local small business advisors makes the difference.”
The survey highlighted a number of motivations behind Gen Z and Millennial interest in business ownership. Top reasons included financial independence (Gen Z: 30 per cent, Millennials: 32 per cent), freedom to work on their own terms (Gen Z: 29 per cent, Millennials: 32 per cent), and dissatisfaction with traditional employment (Gen Z: 20 per cent, Millennials: 21 per cent).
A quarter of respondents from both groups said their main motivation was turning a personal passion into income. Digital platforms also play a central role in how younger Canadians envision their businesses. Twenty-five per cent of Gen Z and 22 per cent of Millennials said they would start with an e-commerce business, while 22 per cent of Gen Z respondents saw themselves pursuing entrepreneurship as influencers or content creators on social media.
Despite their ambitions, many Gen Z Canadians also expressed concerns about entering the business world. Three in four said they worry about failure due to lack of experience, while 31 per cent identified limited financial resources as their biggest hurdle. Nineteen per cent of Gen Z business owners reported relying on personal savings or taking on debt to sustain their ventures.
The findings also indicate a strong desire for mentorship, with 68 per cent of Gen Z participants placing high value on guidance from experienced business and financial professionals. A similar number — 67 per cent — said they feel they lack the financial knowledge needed to run a business effectively.
“Supporting small business is all about meeting business owners’ needs today and helping them grow tomorrow,” said Kelly. “Our small business advisors want to build relationships that support your business and your financial well-being. We know that nearly 3 in 4 (72 per cent) Gen Zs want long-term financial business advice, rather than one-off tips, and we’re here to help.”
TD Small Business Banking says it remains committed to supporting entrepreneurs through tailored advice, mentorship and resources designed to foster long-term growth.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
About Us
Canada’s Entrepreneur is the number one community media platform in Canada for entrepreneurs and business owners. Established in 2016, our podcast team has interviewed over 800 Canadian entrepreneurs from coast-to-coast. With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.
The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 250,000 + audio downloads, 50,000 + average monthly social impressions, 15,000 + engaged social followers and 120,000 newsletter subscribers. Canada’s Entrepreneur is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story
