5 Financial Buzzwords That Shaped 2023

Trendy buzzwords seem to arrive weekly. Below are five finance-related terms that stood out to the MoneySense editorial team this year, along with curated reading suggestions to help you sharpen your personal-finance knowledge heading into 2024.

1. Quiet hiring

Following terms such as “quiet quitting” and “quiet firing,” “quiet hiring” emerged as employers increasingly look inward to meet skills gaps. Instead of recruiting new staff, companies assign additional responsibilities to current employees or tap internal talent for new roles. For workers, quiet hiring can be a cost-saving move by employers and an opportunity to develop skills, take on stretch assignments or gather leverage to ask for a raise. The phrase can also apply when firms rely on short-term contractors rather than bringing on permanent hires. Quiet hiring has clear pros and cons: it can accelerate career growth for some, yet it may also increase workloads and blur role boundaries for others. —Jaclyn Law

2. Soft saving

Amid high inflation, elevated interest rates and rising housing costs, many younger Canadians are rethinking aggressive, do-or-die savings strategies. “Soft saving” describes a gentler, lower-stress approach to money management that emphasizes balance and wellbeing while still building financial resilience. Rather than chasing extreme early-retirement plans like FIRE, adherents prioritize present comfort, mental health and gradual long-term saving. Soft saving doesn’t mean reckless spending; it’s about setting realistic goals, automating savings at comfortable levels and choosing sustainable habits you’ll stick with over time. —J.L.

3. Inflation isolation

Rising living costs are changing how people socialize. A November 2023 Ipsos poll highlighted a trend many call “inflation isolation”: people staying home more and skipping outings to save money. That shift can lead to feelings of loneliness and increased stress, especially for those already managing debt. If inflation has affected your social life or mental health, consider low-cost ways to connect with others and seek support; our guide to free and low-cost mental-health resources in Canada is a helpful starting point. —Margaret Montgomery

4. Housing-market nepo baby

Borrowed from pop-culture, “nepo baby” originally describes celebrities’ advantaged children. In housing markets, a “nepo home buyer” refers to someone who benefits from parental help—such as a down-payment gift, a mortgage co-sign or access to an already-owned property. Statistics Canada data show that adult children of homeowners are more likely to become homeowners themselves. That advantage helps explain the growing conversation about intergenerational wealth and affordability in Canada. —M.M.

5. Recession core

“Recession core” describes an aesthetic and shopping mindset shaped by tighter budgets: choosing durable, practical clothing and making do with what you already own. Unlike some minimalist trends that can be costly to adopt, recession core emphasizes thrift, value and longevity. The trend reflects a broader consumer shift toward smarter spending—prioritizing essentials and stretching existing items—habits that can help your finances well beyond any downturn. —M.M.

Other money-related buzzwords have gained traction this year—terms like “tip-flation” and “funflation” join the list. Some will fade, others will stick. Which finance trends do you find useful or annoying? Share your thoughts in the comments and expand your vocabulary with the MoneySense Glossary.

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