Gen Z is anxious about their finances, and feeling conflicted and under pressure to keep up appearances despite struggling with rising costs and low income
TORONTO, Oct. 14, 2025 /CNW/ - For many young Canadians, building a life after graduation comes with pressure to "fake it till you make it". A new TD survey reveals that more than half of Gen Z (53%) respondents feel compelled to maintain a successful image on social media, while nearly two in three (65%) believe they're falling behind their peers financially.
"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 & Student. "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."
The Off-Screen Reality
- Almost half of Gen Z (47%) point to the cost of living as their biggest barrier to reaching their financial goals, while more than a third (36%) say their income isn't enough to get ahead.
- One in five (20%) don't know where to start when it comes to managing their money.
- 73% worry that a single financial misstep could set them back and 66% feel pressure to hit financial milestones like buying a home or building wealth by a certain age.
Redefining Financial Success
The survey also found that Gen Z Canadians are defining their success through present-day freedom, stability and quality of life – but their goals are varied:
- Gen Z is twice as likely as older generations to want to save for a better lifestyle (Gen Z: 17% vs. Millennials: 10%, Gen X: 5% and Boomers: 4%).
- Gen Z is also pursuing long-term milestones, such as homeownership (19%) and financial independence (17%).
- Only one in two (55%) believe they'll be able to retire comfortably, while 50% say they prefer splurging more regularly now (i.e. travel, eating out) than saving for the future.
- Top barriers prohibiting Gen Z from reaching their financial goals include the high cost of living (47%) and low income (36%).
Yet beneath those aspirations lie significant financial anxiety. Fewer than two in five (37%) Gen Z Canadians feel in control of their money, while nearly two in three (64%) say they experience financial stress multiple times a week – more than any other generation (Millennials: 55%, Gen X: 42% and Boomers: 27%).
"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."
Relatable Advice for Real Life
TD offers a number of resources to help young Canadians with budgeting and financial planning for life after post-secondary education:
- Booking an appointment with a TD Personal Banker for personalized guidance on saving and investing strategies.
- UsingTD Goal Builder, where a TD Personal Banker can provide personalized investment advice to help customers work toward their financial goals.
- The TD Ready Advice Hub which has information and articles available on a variety of financial topics and investing.
Learn more about how TD can help support Gen Z Canadians as they embark on their careers and begin to navigate key financial decisions: https://www.td.com/ca/en/personal-banking/solutions/post-grad.
About the TD Survey
The findings are based on a national online survey conducted by Edelman Data & Intelligence using the Harris Poll Omni. The survey was fielded in both English and French between July 28 and 29, 2025, with a nationally representative sample of 3,037 Canadians. Within this group, nearly 500 respondents were Gen Z (ages 18 to 28), including more than 250 young professionals who have been in the workforce for one to five years. Demographic quotas were applied to ensure the sample reflected the Canadian population profile.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves more than 27.9 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 18 million active online and mobile customers. TD had $2.1 trillion in assets on April 30, 2025. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.
SOURCE TD Bank Group
For further information: Jenny Rodrigues, [email protected]
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