As Canadians navigate an economy in flux, how confident are they feeling about the economy and their finances? Our latest research* uncovers some striking generational differences in the financial mindset of Canadians.
What We Found
- Less than half of Canadians (41%) feel optimistic about current economic conditions. Looking ahead to the next three months, there is an increase in optimism about the economy (48%).
- A staggering 94% of Canadians believe the cost of living is too high, with 78% actively cutting back on spending to cope with increased cost pressures.
- Satisfaction levels with their personal financial situation is equally split between satisfaction (38%) and dissatisfaction (41%).
- Gen Z (18–27) stands out as the most optimistic generation, with 50% expressing confidence in the economy now and 61% in the next three months. They also show the highest satisfaction with their financial situation (48%).
- Millennials (28–43) are slightly less optimistic, with 43% confident in current economic conditions and 52% looking to the future with positivity.
- Gen X (44–59) is the most pessimistic cohort as their current economic sentiment leans more negative 37% vs. 31% (negative vs. positive). Looking ahead to the next three months their pessimistic mindset increases (44% vs. 33% negative vs. positive).
What It Means for Brands
These insights highlight the financial mindsets of different generations in today’s economic landscape. Brands that acknowledge and provide solutions to their increased cost of living pressure and intentions to save money can maintain strong connections:
- Look to the younger Gen Z audience, with their financial optimism and resilience to lead consumption growth followed by the Millennials.
- For Gen X, address their continued financial concerns with a focus on value, practical benefits and helping them feel like a smart shopper.
Want to dive deeper into these insights? Connect with us at Pearl Strategy (johnchan@pearl-strategy.ca) to learn how we can help your brand respond to today’s economic challenges with empathy and impact.
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Source: Pearl Study of Canadians’ Attitudes & Behaviours, Dec 2024, n=267
