More than half of Gen Z Canadians feel pressured to present a financially stable image, despite facing financial challenges such as rising living costs and low income, according to a new survey from TD Bank Group.
The national survey, conducted by Edelman Data & Intelligence using the Harris Poll Omni, found that 53 per cent of Gen Z respondents feel compelled to maintain a successful image on social media. Additionally, 65 per cent believe they are falling behind their peers financially.
Kristy Irwin
“Gen Z is under constant pressure to appear financially secure as soon as they begin their careers, while many are struggling behind the scenes with stress, debt and uncertainty,” said Kristy Irwin, product group owner, youth and student at TD. “The pressure to look like they have it all together—for friends, family and social media—only adds to the real financial challenges they already face in today’s tough economy.”
Nearly half (47 per cent) of Gen Z respondents identified the cost of living as their biggest barrier to reaching financial goals, while 36 per cent said their income is not sufficient to help them get ahead. One in five (20 per cent) reported not knowing where to begin when it comes to managing money.
Photo: fauxels
Financial stress appears widespread in this demographic, with 73 per cent saying a single financial misstep could set them back. Sixty-six per cent also reported feeling pressure to hit key financial milestones—such as buying a home or building wealth—by a certain age.
When asked how they define success, Gen Z respondents cited present-day freedom, stability and quality of life. Goals varied, with 17 per cent saying they are saving for a better lifestyle, a figure that is significantly higher than among older generations (Millennials: 10 per cent, Gen X: 5 per cent, Boomers: 4 per cent).
Homeownership and financial independence remain important long-term objectives for many in this group, with 19 per cent prioritizing homeownership and 17 per cent citing financial independence.
Despite these ambitions, only 55 per cent of Gen Z Canadians believe they will be able to retire comfortably, and 50 per cent said they prefer to spend on experiences like travel and dining rather than save for the future.
Fewer than two in five (37 per cent) feel in control of their money, while 64 per cent report experiencing financial stress multiple times a week—more than any other generation surveyed (Millennials: 55 per cent, Gen X: 42 per cent, Boomers: 27 per cent).
“The mounting pressures don’t mean that there aren’t real ways to make progress towards your financial goals,” said Irwin. “Even taking small steps can add up to big wins in both the near-term and the long run—and young Canadians are at the perfect stage of life to build these savings habits.”
To support Gen Z Canadians as they enter the workforce and begin managing their finances, TD offers a number of resources. These include one-on-one appointments with TD Personal Bankers, access to TD Goal Builder for personalized investment advice, and the TD Ready Advice Hub, which offers articles and information on budgeting, saving and investing.
The survey was conducted in English and French between July 28 and 29, 2025, and included a nationally representative sample of 3,037 Canadians, including nearly 500 Gen Z respondents aged 18 to 28.
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.
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