Which generation has the easiest time with debt?
According to the poll, 55.5% of Canadians think that Boomers (born 1946 to 1964) had an easier time with debt, and the Silent Generation (born 1925 to 1945) comes in next at 21.8%. Gen Z (born 1997 to 2009) is at the bottom with 4%, with Millennials (born 1981 to 1996) above at 6.8% and Gen X (born 1965 to 1980) on top at 12%.
Boomers have it easiest, say the following generations:
- 63.4% of Millennials say Boomers have it easiest
- 59.4% of Gen X say Boomers have it easiest
- 41.9% of Gen Z say Boomers have it easiest
But how did Boomers and those in the Silent Generation respond? Just over half of Boomers (53.8%) say their generation had it easiest, and 26% say the Silent Generation did. Fewer than half of the Silent Generation (44.8%) say they had it easiest, and about a third of them (33.6%) say Boomers did. Turns out, the finger-pointing game isn’t between Gen Z and Boomers, but between the Silent Generation and Boomers.
What are the biggest issues facing Canadians?
Cost of living (34.5%) and retirement (36.4%) came in neck-and-neck in the overall poll results for all generations. However, when we look into the responses for each generation, a different story rises to the surface.
- Gen Z says housing costs and the cost of living are the biggest issues (tied at 30.2%), beating student debt (23.3%)
- Millennials say housing costs (45.5%) and the cost of living (39.3%)
- Gen X says cost of living (35.0%), retirement (32.4%) and housing costs (19%)
- Boomers say retirement (46.6%) and the cost of living (32.6%)
- Silent Generation says cost of living (44%) and retirement (30.4%)
Generational report card for finances
As part of the study, MoneySense also asked participants to grade themselves on their confidence about particular financial topics and concerns. Here’s what they said.
Confidence in ability to pay off debt
Canadians overall are pretty confident in their ability to pay off debt, with the majority of respondents giving themselves either an A or B grade. “A” meant “Not an issue for me because I have no debt,” and “B” was “Very confident. I feel it’s very manageable.”
However, Gen Z gave themselves the most Cs of all the generations (30.2%), admitting they only feel “Somewhat confident. I’m able to 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
This question asked if respondents are able to see their savings working for them, rather than how much they’ve saved.
