Millennials and money: Financial preparedness and money management practices before COVID-19

Millennials (individuals age 18–37 in 2018) are the largest, most highly educated, and most diverse generation in U.S. history

This paper assesses the financial situation, money management practices, and financial literacy of millennials to understand how their financial behaviour has changed over the ten years following the Great Recession of 2008 and the situation they were in on the cusp of the current economic crisis (in 2018) due to the COVID-19 pandemic.

 Findings from the National Financial Capability Study (NFCS) show that millennials tend to rely heavily on debt, engage frequently in expensive short- and long-term money management, and display shockingly low levels of financial literacy. Moreover, student loan burden and expensive financial decision making increased significantly from 2009 to 2018 among young adults.



Financial Health Index: 2019 Findings and 3-Year Trends Report

This report explores consumer financial health, wellness/ stress and resilience for Canadians across a range of financial health indicators, demographics and all provinces excluding Quebec. This report provides topline results from the 2019 Financial Health Index study and three-year trends from 2017 to 2019.



Economic Well-being Across Generations of Young Canadians: Are Millenials Better or Worse Off?

This article in the Economic Insights series from Statistics Canada examines the economic well-being of millennials by comparing their household balance sheets to those of previous generations of young Canadians. Measured at the same point in their life course, millennials were relatively better off than young Gen-Xers in terms of net worth, but also had higher debt levels.

Higher values for principal residences and mortgage debt mainly explain these patterns. Financial outcomes varied considerably among millennial households. Home ownership, living in Toronto or Vancouver, and having a higher education were three factors associated with higher net worth.



A Life-Cycle and Generational Perspective on the Wealth and Income of Millenials

Young adulthood is the life stage when the greatest increases in income and wealth typically occur, yet entering into this period during the Great Recession has put Millennials on a different trajectory. As a result, this generation will need to make very large gains in the years ahead to compensate for these shortfalls.

Understanding the dynamics of how the recession has impaired the financial outlook of Millennials, such as identifying how far behind they are compared to previous
generations of young adults, the impact of the recession on their current wealth holdings and earning potential, and the pace at which they’re recovering, is essential to developing appropriate policy interventions that can put them back on track.



Canadian Millenial Social Values Study

A major national survey conducted in 2016 reveals a bold portrait of Canada’s Millennials (those born between 1980 and 1995), that for the first time presents the social values of this generation, and the distinct segments that help make sense of the different and often contradictory stereotypes that so frequently are applied to today’s young adults.

Key findings from the survey explore Millennials' relationship with money, education, work and career interests, voting turnout, and engagement with social justice.



Canada’s household balance sheets

In this video presentation Andrew Heisz from Statistics Canada explains the changing household assets, debt, and income levels of Canadians of different age generations.  

This presentation was given at the Prosper Canada Policy Research Symposium on March 9, 2018.

Read the slide deck that accompanies this presentation.

View the full video playlist of all presentations from this symposium.

Precarious Positions: Policy Options to Mitigate Risks in Non-standard Employment

Geographies of Inequality

Canadian and US Millenials: One of these is Not Like The Other

Financial Literacy and Economic Outcomes: Evidence and Policy Implications

Competing on Financial Health: How Credit Unions Can Win the Gen Y Market

Financial Goals and Values: A Study of Financial Literacy in Canada

Better Money Habits Millennial Report