A new poll commissioned by Simplii Financial found that one in four Canadians believes the financial guidance they received from older generations no longer fits in 2025. That sentiment is stronger among Gen Z, with roughly a third saying traditional advice is outdated. For major life decisions like home buying, nearly half of Canadians aged 18 to 34 say conventional guidance no longer applies, and about a third also question career and income advice handed down by their parents.
That reaction is understandable. The cost of living has risen sharply while wages for many roles have barely changed. Financial systems and products have grown more complex, and many of the tools people rely on today—tax-advantaged accounts, fintech investing platforms, remote work—didn’t exist when previous generations typically bought homes on a single salary or relied solely on a bank advisor.
To translate those changes into practical rules for 2025, we spoke with Canadian money expert and Qualified Associate Financial Planner (QAFP) Jessica Moorhouse, author of Everything But Money. She outlines five updated rules that reflect how money, careers, and life choices have evolved.
Dated rule #1: “Buy a home as soon as possible”
2025 update: Renting and investing can be a smarter path than rushing into homeownership.
Housing affordability is one of the clearest divides between generations. Moorhouse notes that while home prices have continued to climb, wages for many jobs have not kept pace. As a result, the automatic assumption that buying equals success no longer holds for everyone.
Homeownership can still make sense, but it’s no longer the only—or always the best—route to building wealth. In some markets, small condos may not appreciate enough to offset carrying costs, maintenance, and taxes. Moorhouse’s practical recommendation: open a First Home Savings Account (FHSA) if you can, even if you’re undecided about buying, because contributions are useful either way and can be converted to registered accounts later. Keep living costs manageable, rent strategically where it improves cash flow or quality of life, and invest the savings you accumulate. The priority is long-term flexibility, not the deed itself.
Dated rule #2: “Stick with one employer—loyalty pays”
2025 update: Financial stability comes from transferable skills, not tenure. Job-hop intentionally.
Careers used to be linear: long tenure at one employer, gradual raises, and pensions. Today’s labour market is different—there are AI tools, contract work, frequent restructuring, and rapid shifts in which skills are in demand. Moorhouse points out that trying to follow old-school advice like “just show up and impress the CEO” ignores how companies operate now.
For many younger workers, changing roles every two to three years is a deliberate strategy to increase income and broaden skills. Side projects and freelance work are not just survival tactics; they’re experiments that can lead to new full-time opportunities or small businesses. The modern career playbook encourages reskilling, strategic pivots, and treating each role as an investment in your future marketability.
Dated rule #3: “Save 10% of every paycheque no matter what”
2025 update: Keep the principle—adapt the percentage to your reality.
Moorhouse still champions “pay yourself first.” The habit of saving automatically is powerful. But rigidly insisting on 10% when someone is struggling can be counterproductive. Instead, automate whatever amount you can reasonably spare into tax-advantaged accounts like a Tax-Free Savings Account (TFSA), an FHSA, or an investment account. Increase that percentage as your income grows, and if current finances make saving difficult, focus on ways to boost earnings—through upskilling, negotiating pay, or flexible side work—rather than guilt.
Dated rule #4: “Avoid credit cards—they’re dangerous”
2025 update: Credit is a tool—learn to use it wisely.
Credit cards are often framed in moral terms: either to be feared or used carelessly. Moorhouse urges a more pragmatic view: credit is a financial tool with benefits and risks. Used responsibly—paying the balance in full, understanding interest and billing cycles, and managing utilization—cards help build credit history, access tenant screening, and provide purchase protections and rewards. The modern approach is education and habit: use credit intentionally, and respect the mechanics that determine costs and credit scores.
Dated rule #5: “RRSPs are outdated; just use a TFSA”
2025 update: Match accounts to goals—don’t discard RRSPs.
There’s a perception among some younger Canadians that Registered Retirement Savings Plans (RRSPs) belong to older generations, while Tax-Free Savings Accounts (TFSAs) are the only modern choice. Moorhouse cautions against that shortcut. Each account type serves different objectives: TFSAs offer tax-free growth and withdrawal flexibility, FHSAs target home savings, and RRSPs are valuable for long-term retirement planning, particularly when your income and marginal tax rate are higher during your working years. The smart move is to choose accounts based on your goals and timeline.
A timeless rule that still holds: Automate everything
Of all the old-school habits that remain useful, automation tops the list. Set up automatic transfers for bills, savings, and investments to avoid timing errors or emotional decisions. Moorhouse also recommends tracking net worth at least once a year—list what you own and what you owe to get a clear picture of progress. That regular check-in is both a reality check and a motivator, helping you adjust goals and celebrate gains.
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- Gen Z guide to getting more in a tough economy: How to negotiate salary, car deals, phone bills and more