Which Canadian Generation Struggles Most with Finances?

OK, Boomer. The phrase often conjures images of social-media sparring between generations, but when it comes to money, Canadians are largely aligned: most feel squeezed. In the annual MoneySense survey conducted between July 18 and August 23, 2024, 3,153 Canadians identified their generation and answered questions about debt, saving and overall financial confidence. The clear takeaway: people across age groups sense financial pressure, and very few believe younger generations are having it easier.

Which generation has the easiest time with debt?

The poll asked which generation has had the easiest time managing debt. Overall results show that 55.5% of respondents believe Baby Boomers (born 1946–1964) had it easiest. The Silent Generation (born 1925–1945) was next at 21.8%. Younger generations fared much lower in the perception rankings: Generation X (born 1965–1980) received 12%, Millennials (born 1981–1996) 6.8%, and Gen Z (born 1997–2009) only 4%.

The perception that Boomers had an easier time is shared by respondents across multiple age groups:

63.4% of Millennials say Boomers had it easiest
59.4% of Gen X respondents say Boomers had it easiest
41.9% of Gen Z respondents say Boomers had it easiest

The Boomers and Silent Generation responses are notable for their mutual recognition: just over half of Boomers (53.8%) think their own generation had it easiest, while 26% of Boomers credit the Silent Generation. Among the Silent Generation, 44.8% say they themselves had it easiest and about a third (33.6%) attribute the advantage to Boomers. In short, the debate about who had it easier is largely between Boomers and the Silent Generation rather than between Boomers and younger cohorts.

What are the biggest financial issues facing Canadians?

When asked to name the most pressing financial issues, respondents across all generations most often cited retirement and the rising cost of living. Retirement and cost of living were the top concerns in the aggregate results, but priorities shift when you look at individual generations.

Gen Z lists housing costs and cost of living as top concerns (each 30.2%), followed by student debt (23.3%).
Millennials are most worried about housing costs (45.5%) and the cost of living (39.3%).
Gen X prioritizes cost of living (35.0%) and retirement (32.4%), with housing costs also a concern (19%).
Boomers rank retirement highest (46.6%), with cost of living second (32.6%).
Members of the Silent Generation most often cite cost of living (44%) and retirement (30.4%).

Generational report card for finances

The survey also asked people to grade themselves on their confidence across several financial topics. These self-assessments provide insight into how comfortable Canadians feel managing debt, growing savings and using registered accounts.

Confidence in ability to pay off debt

Overall, most Canadians are reasonably confident in their ability to handle debt: a majority graded themselves A or B. The survey defined these grades as the following: A means “Not an issue for me because I have no debt,” B is “Very confident. I feel it’s very manageable,” C indicates only partial confidence and being limited to minimum payments, and Fail signals a lack of control over debt.

Gen Z stands out for reporting more middle-grade responses; 30.2% of Gen Z respondents gave themselves a C, admitting they are only somewhat confident and often can only make minimum payments.

Grade	Grade value	Results overall
A	Not at all an issue for me.	59.4%
B	Very confident. I feel it’s very manageable.	30.4%
C	Somewhat confident. I’m able to make minimum payments.	8.6%
Fail	Not at all confident. I don’t feel in control of my debt.	1.6%

Confidence in savings progress

Respondents were asked whether they can see their savings working for them, rather than reporting totals. The results show a majority feel their savings or investment plan is active and producing results, but younger respondents are less certain about execution.

Grade	Grade value	Results overall
A	I already see my money working for me.	55.9%
B	The plan is in motion and is being executed.	31.2%
C	I have a goal but unsure how to achieve it.	10.4%
Fail	I don’t know where to begin.	2.5%

Gen Z in particular reports uncertainty about turning goals into results: 37.2% of Gen Zers graded themselves C for savings progress, saying they have goals but are unsure how to reach them.

Using registered accounts for investing and saving

Registered accounts in Canada offer tax-sheltered growth and are ideally used for holding investments rather than idle cash. Common registered account types include the tax-free savings account (TFSA), registered retirement savings plan (RRSP), registered education savings plan (RESP), first home savings account (FHSA), registered retirement income fund (RRIF) and registered disability savings plan (RDSP).

Most respondents report they are using registered accounts for investing: 78.5% gave themselves an A for investing within their registered accounts, whereas 16.4% assigned themselves a B for using these accounts as a savings vehicle. Only a small share—2.5% overall—said they haven’t opened a registered account yet. Those without accounts are disproportionately younger, with higher rates among Gen Z and Millennials compared with older generations.

How financially literate are Canadians feeling?

More than half of respondents (55.2%) graded their financial literacy at B—“good.” While most generations skew toward that middle-ground confidence, Gen Z shows the widest spread of answers across A, B, C and Fail:

25.6% of Gen Z chose A (“excellent”)
37.2% chose B (“good”)
30.2% chose C (“fair”)
7% selected Fail

This mix suggests that while some younger people feel well informed, many still want clearer guidance on applying financial knowledge to real-life decisions such as paying down debt and building savings.

Canadian financial report card

Overall, Canadians report reasonable confidence in their finances and in using common financial products, but gaps remain—especially among younger adults who struggle most with translating knowledge into actionable progress. The survey underlines that concerns about cost of living, housing and retirement cross generation lines, and it highlights an ongoing need for practical support in budgeting, debt management and saving strategies.