Cost of living top concern for Gen Z to Silent Generation: poll

The cost of living is a top concern among every generation between the Silent Generation – people born between 1928 and 1945 – and Gen Z – people born between 1997 and 2012.

A new survey by MoneySense revealed what Canadians are worried about when it comes to their finances. While the cost of living was top of mind for many, the numbers by age group showed different priorities based on what stage of life they are in.

For instance, 30.3 per cent of Gen Z respondents said housing costs and the cost of living were their top financial concerns.

“The housing cost at home is getting almost unrealistic for anyone around our ages to live happily and comfortably as well as being homeowners,” said Ben Gilchrist.

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Gilchrist and Olivia Griffin, who are both Gen Z, are currently visiting Nova Scotia to see if they could find a more affordable community to live in.

“I feel like moving out of southern Ontario is probably the best option for me in order to be able to afford a house one day and live comfortably,” said Griffin.

When it comes to Millennials – those born between 1981 and 1996 – 45.5 per cent said housing costs was their biggest concern, followed by the cost of living at 39.3 per cent. Approximately 35 per cent of Gen Xers – people born between 1965 and 1980 – are worried about the cost of living followed closely by retirement.

Nearly half of Boomers – people born between 1955 and 1964 – put retirement at the top of their financial concerns, followed by the cost of living at 32.6 per cent.

“We did investments, so I think we’re OK with that, but overall, I think a lot of people that are our age or older, they’re struggling because they’re only living on their social security pension, and that’s not enough for them to make it for their livelihood month to month,” said Boomer Debbie Baldwin, who is visiting Halifax from the United States.

Almost half of the Silent Generation, or those who were born before 1946, put cost of living at the top of their list.

The poll also looked at debt and the ability to pay it off.

“Every generation recognized that Boomers are in a point where they had an easier time with debt because of those things like how much it costs to buy a home, the ability to save, and that kind of thing,” said MoneySense.ca Editor-in-Chief Lisa Hannam.

Halifax financial planner Wendy Brookhouse said cost of living is likely top of mind due to how much change there has been as of late.

“In the 2000s and onward, until basically 2021-22, we lived in a period of time where interest rates were lower, inflation was really low, and so I think we got lulled into this, ‘It was easy.’ If everything was increasing in price, it was just a little,” said Brookhouse.

She noted there are some ways to alleviate financial concerns for those who have them right now.

“Take a look at your overall picture. Where can you save money? Is it on fees? Looking at your debt. Is there a better way to finance that debt?” said Brookhouse.

The MoneySense poll was conducted between July 18 and Aug. 23 and heard from 3,153 people.