If the pandemic has proved anything, it’s that you never know what tomorrow holds. A recent survey by Sun Life Financial indicates that while that may be true, younger generations want to be prepared for whatever comes.
80% of Millennials (18-23) and 89%of Gen Z (24-39) believe that COVID-19 has them more intent on protecting their financial future compared to any other point in their lives.
With the uncertainty that has come with every step of the pandemic, it’s reasonable to seek security.
Like the rest of Canadians, younger members of the workforce also experienced job losses and business closures, and the majority stated that this has made saving difficult.
Perhaps the most noteworthy statistic outlined how the past year has truly changed priorities.
81% of Gen Z and 76% of Millennials are more concerned about financial security. Compared to just 61% of Gen X (40-55) and 55% of Baby Boomers (56 and older) who have increased concerns about financial security.
“Generally, the feeling of wanting to save for the future is more prevalent with older generations,” said Oricia Smith, President, Sun Life Global Investments.
The survey received participation from 1,000 Canadians aged 18 and older.
