Young People Are Worried About Their Finances

December 9, 2020

For all generations, the year 2020 has been a year of uncertainty, questioning and disruption. On the economic front, the first to be affected were undoubtedly the young people aged 13 to 39: they were the first to suffer dismissals, wage freezes, indefinitely postponed financial projects, and ultimately, difficulty meeting their financial obligations. This new decade heralded economic prosperity for these young generations with a growing economy and a historically low unemployment rate (below 4%). However, the coronavirus has plunged them into an uncertain future. 

The 2020-2021 Youth Study attempts to understand how the COVID-19 crisis has impacted young Canadians’ financial situations and how they are preparing for their post-pandemic future. What are the lasting and notable changes in the younger generations’ finances? To answer this question, the Youth Study gives a voice to more than 3,000 young Canadians, aged 13 to 39, from all regions and backgrounds, enabling them to express their economic mood. 


Some of them lost their jobs overnight. Others have changed their educational and career paths. Many have had to turn to external financial assistance, starting with family assistance, the Canada Emergency Response Benefit (CERB) or the Canada Emergency Student Benefit (CESB), to make their minimum payments. Few, however, turned to financial institutions to make arrangements. 

How do young people feel about the future of their finances? Do they intend to borrow money in the future? What are their purchasing goals for the next year, based on their age? Who do they turn to when they have financial difficulties? Who do they turn to for advice when it is time to make a decision? What is their relationship with financial institutions? What do they appreciate about the financial institution they deal with? What are their perceptions of each financial institution? Do financial institutions meet the needs of people their age? 

The 2020-2021 Youth Study answers these questions. 

Young Canadians have seen their present and future turned upside down by the COVID-19 pandemic. Many of them find themselves without a reference point and need guidance in the coming years. The Youth Study identifies their desires, frustrations, and goals for their financial future. 

It’s up to you, companies, to listen to them!


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