Which technology has the simplest time with debt?
Based on the ballot, 55.5% of Canadians suppose that Boomers (born 1946 to 1964) had a better time with debt, and the Silent Era (born 1925 to 1945) is available in subsequent at 21.8%. Gen Z (born 1997 to 2009) is on the backside with 4%, with Millennials (born 1981 to 1996) above at 6.8% and Gen X (born 1965 to 1980) on high at 12%.
Boomers have it best, say the next generations:
- 63.4% of Millennials say Boomers have it best
- 59.4% of Gen X say Boomers have it best
- 41.9% of Gen Z say Boomers have it best
However how did Boomers and people within the Silent Era reply? Simply over half of Boomers (53.8%) say their technology had it best, and 26% say the Silent Era did. Fewer than half of the Silent Era (44.8%) say that they had it best, and a few third of them (33.6%) say Boomers did. Seems, the finger-pointing sport isn’t between Gen Z and Boomers, however between the Silent Era and Boomers.
What are the largest points going through Canadians?
Price of residing (34.5%) and retirement (36.4%) got here in neck-and-neck within the total ballot outcomes for all generations. Nevertheless, once we look into the responses for every technology, a distinct story rises to the floor.
- Gen Z says housing prices and the price of residing are the largest points (tied at 30.2%), beating scholar debt (23.3%)
- Millennials say housing prices (45.5%) and the price of residing (39.3%)
- Gen X says value of residing (35.0%), retirement (32.4%) and housing prices (19%)
- Boomers say retirement (46.6%) and the price of residing (32.6%)
- Silent Era says value of residing (44%) and retirement (30.4%)
Generational report card for funds
As a part of the research, MoneySense additionally requested members to grade themselves on their confidence about specific monetary matters and issues. Right here’s what they stated.
Confidence in means to repay debt
Canadians total are fairly assured of their means to repay debt, with nearly all of respondents giving themselves both an A or B grade. “A” meant “Not a difficulty for me as a result of I’ve no debt,” and “B” was “Very assured. I really feel it’s very manageable.”
Nevertheless, Gen Z gave themselves probably the most Cs of all of the generations (30.2%), admitting they solely really feel “Considerably assured. I’m in a position to make minimal funds.”
| Grade | Grade worth | Outcomes total |
|---|---|---|
| A | By no means a difficulty for me. | 59.4% |
| B | Very assured. I really feel it’s very manageable. | 30.4% |
| C | Considerably assured. I’m in a position to make minimal funds. | 8.6% |
| Fail | By no means assured. I don’t really feel answerable for my debt. | 1.6% |
Confidence in financial savings progress
This query requested if respondents are in a position to see their financial savings working for them, slightly than how a lot they’ve saved.
