Younger homeowners more likely to be financially stressed

A recent survey reveals that younger Canadian homeowners, particularly Millennials and Gen Z, are experiencing significant financial stress. Rising costs of living and high mortgage rates are major contributors to their anxiety. The survey indicates that over half of Millennials and Gen Z are living paycheck to paycheck, a situation exacerbated by the ongoing economic challenges and uncertainty about future financial stability.

Financial stress among these younger generations is further heightened by the high cost of homeownership. Many feel that achieving homeownership is increasingly unattainable due to these economic pressures. The cost of living remains the top concern, with nearly 60% of Gen Z and Millennials citing it as a major issue, leading to a greater sense of financial insecurity.

In addition to financial concerns, younger homeowners are also worried about job security and mental health. Many report high levels of stress related to their jobs, with long working hours and a lack of work-life balance being significant factors. There is also a noted stigma around discussing mental health issues in the workplace, despite some improvements in support systems.

Environmental concerns also play a role in their stress levels, as many young Canadians prioritize sustainability and are making career and consumer choices based on their environmental impact. This intersection of financial strain, job-related stress, and environmental anxiety creates a complex web of challenges for younger homeowners.

Employers and policymakers need to address these multifaceted issues to help alleviate the financial and psychological burdens on Millennials and Gen Z. Providing more affordable housing options, better financial education, and improved workplace mental health support could be key steps in reducing the stress levels of these younger generations.