A new generation of Canadians is rethinking financial advice from their parents, Simplii poll shows

Younger Canadians say traditional guidance on home buying and careers often doesn't fit today's realities

TORONTO, Oct. 28, 2025 /CNW/ - Canadians still value financial wisdom passed down across generations, but many say it doesn't always fit today's realities. A new poll commissioned by Simplii Financial reveals that one in four Canadians (25 per cent) believe guidance from older generations no longer feels relevant—a number that rises to 34 per cent among Gen Z.

Nearly half of 18–34-year-olds say advice on home buying no longer applies to them, and more than a third question traditional perspectives on employment or income, highlighting a generational shift in how financial priorities and benchmarks are defined.

"For a lot of young Canadians, financial advice from parents only resonates if it reflects their day-to-day reality," said Atanaska Novakova, EVP and Head, Simplii Financial. "Our goal is to help bridge that gap with empathy, transparency, and tools that make managing money feel simpler and more relevant to life today."

Generational Gaps in Financial Advice

While a majority of Canadians still value intergenerational financial guidance, 39 per cent feel older generations may not fully appreciate today's financial realities. Among younger Canadians, that disconnect feels especially stark. For example, 90 per cent of those surveyed aged 18-34 feel that building wealth is tougher for them than it was for their parents.

"It's not that younger Canadians don't want advice; they want advice that fits," said Jessica Moorhouse, Canadian money expert and best-selling author of Everything but Money. "Today's young adults are navigating entirely different financial pressures than their parents did, from cost-of-living challenges to digital side hustles. That's why personalization, flexibility, and empathy matter more than ever."

Modern Money Realities: A New Landscape for Financial Advice

The poll also uncovered key generational divides in how Canadians experience and access financial education:

• 91 per cent agree financial advice should be personalized by generation and life stage
• 49 per cent wish they'd learned more about investing earlier, rising to 54 per cent among women
• 40 per cent of women and 35–54-year-olds feel overwhelmed by the number of financial tools available today
• 25 per cent of Canadians under 35 report low financial literacy

These numbers suggest that while demand for tailored, stage-of-life guidance is high, many Canadians, particularly younger adults and women, are still struggling to find tools and education that feel accessible and relevant. Encouragingly, 25 per cent of 18–34-year-olds say they feel empowered by the number of tools available, suggesting that younger Canadians are open to intuitive, self-directed options that help them build confidence at their own pace.

Navigating Money Across Generations and Life Stages

Whether you're sharing advice with your kids, helping your parents plan for retirement, or figuring out what to do with your first real paycheque, money conversations work best when they're personal, not prescriptive. Canadians still value intergenerational guidance, but they want it adapted to the times, building on the wisdom of the past while reflecting today's realities.

Here are a few expert-backed tips for navigating financial decisions at every stage of life:

• Talk early and often: Don't wait for a major life event or crisis to start talking about money. Normalize open financial conversations across your family—whether it's setting a savings goal, paying off debt, or helping a child open their first bank account.
• Lead with listening: Instead of jumping straight to advice, ask what someone is already doing to manage their finances. Understanding the tools, pressures, and priorities they're working with can make your support more relevant—and more welcome.
• Challenge assumptions: What worked for one generation may not work for another. Be open to the idea that traditional advice, like saving for a down payment or staying in one job long-term, may look different in today's economy. Approach these conversations with curiosity, not judgment.
• Keep learning (with help): Whether it's budgeting apps, investment platforms, or Simplii's own tools, staying informed and experimenting hands-on can make finances feel less overwhelming and more empowering at any life stage.

"Canadians, especially younger generations, are starting to define financial priorities and success on their own terms," added Novakova. "Many are reassessing what's realistic in today's economy, and that's a perspective we take seriously. At Simplii, we know Canadians want support that reflects today's realities, and we're committed to being a partner they can trust to help navigate those challenges."

About the Study
These findings are from an Ipsos poll conducted between July 24 and July 25, 2025, on behalf of Simplii Financial and CIBC. For this survey, a sample of 1,001 Canadians aged 18 years and over was interviewed. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±3.8 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

About Simplii
Simplii Financial provides direct banking services to more than 2 million Canadians with 24/7 access to online, mobile, and telephone banking with no monthly fees. Simplii clients can also access one of the largest national ATM networks through CIBC. For more information about Simplii Financial, please visit www.simplii.com or by following on X @SimpliiFin, Instagram @SimpliiFin, or on Facebook.

SOURCE Simplii Financial