In-depth survey shows Millennials uncertain and anxious about their financial futures, but hopeful that better times lie ahead
When it comes to Millennials and their money, a new survey from Meridian finds that, while the majority say they’ve been scarred by the past twelve months and are battling financial paralysis and anxiety, 61% are motivated to refresh their finances and 55% remain hopeful for the future.
The in-depth survey fielded by Maru/Blue* for Meridian reveals that a whopping 77% of Millennials and 88% of Gen Zs agree that the rising inflation economy has left them “with a pit in my stomach” compared to 70% of Canadians nationally.
Despite admitting uncertainty (70%) about their financial futures, 70% of Millennials surveyed report that although the past year was a tumultuous time, “my family’s finances are stable, and I think we will be OK.” 55% of Millennials surveyed say they “feel hopeful” that better times lie ahead in 2023, compared to 62% of Boomers and 67% of Gen Zs surveyed.
Meridian Millennial Clients Asking: “Now or in 4 Months?”
“The survey reflects what Meridian’s Millennial clients are telling us,” sums up Naveen Senthamilselvan, Meridian’s Director of Strategic Initiatives. “Although Millennials are still experiencing anxiety from the past few months, they are motivated to move on, cautiously to reset their financial foundations.”
According to Naveen, the key question from Millennials is whether they should act now to reset their finances or wait until spring, with most Millennials anticipating continued economic uncertainty ahead.
77% of Millennials Agree Stock Market Recovery Will Take Longer Than Expected
Although Meridian’s survey shows that most (78%) Canadians agree there may be positive financial opportunities for those who have the means and confidence to invest in the months ahead, 81% of Canadians and 77% of Millennials surveyed share the pessimistic view that the stock market will take longer to recover than expected. Less than half of Canadians (45%) surveyed anticipate that inflation will eventually taper off and rebalance over time — and two-thirds (61%) agree that housing costs likely won’t get more affordable in the months ahead.
Meridian Advice for Millennials: Act Now; Stagger Investments
“This is the first time Millennials’ money resilience has been tested in a high inflation economy, so it’s not surprising that Millennials and Gen Zs surveyed were the most likely to agree they ‘feel financial paralysis and uncertainty’ when it comes to financial planning and investing,” explains Naveen. “My advice for fellow Millennials is to consider getting back into the market now and stagger your investments over time with the support of a professional you trust,” he says. “Depending on your personal financial situation, if you have the means, now is a good time to invest in your financial future,” sums up Naveen.
Resources & Tools
- Financial Wellness page offers multiple resources, including our two-minute financial resilience survey, considering your current financial state and how you might improve your spending, saving, borrowing, and planning habits.
- Eight tips on managing your money during a crisis, a Meridian Good Sense post sharing some financial expertise on dealing with uncertainty in the market.
- Why it’s a good idea to speak to an advisor about your finances, a Meridian Good Sense post detailing what an experienced financial advisor can do for you.
- Meridian Wealth Management page, where you can book an appointment to speak with a Meridian advisor, gather advice, market insights and more.
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With more than 75 years of banking history, Meridian is Ontario’s largest credit union, and second largest in Canada, helping to grow the lives of 380,000 Members. Meridian has $27.6 billion in assets under management (September 30, 2022) and delivers a full range of financial services online, by phone, by mobile and through a network of 89 branches across Ontario, and business banking services in 15 locations. Meridian cardholders also have access to over 43,000 surcharge-free ABMs in North America with THE EXCHANGE® Network and the Allpoint Network in the US. For more information, please visit: meridiancu.ca, follow us on Twitter @MeridianCU or visit us on Facebook.
MARU/Matchbox, the research and advisory arm of Maru Group, conducted an online survey with 1,250 respondents across Canada among adults aged 18 and above. Sample is designed to be reflective of the Canadian population with a margin of error of +/- 2.8 percentage points at the 95th confidence interval.’
NOTE TO MEDIA:
Additional visual assets with demographic breakouts by region and age available
SOURCE Meridian Credit Union