Struggling under the rising cost of living and an ever mounting fear of the climate crisis, young Canadians don’t see a positive future for themselves right now, according to a recent national survey.
The survey, which interviewed 1,508 millennials and 1,507 Gen Z adults, found that half of young Canadians live paycheque-to-paycheque and that half also believe that we will see the environmental situation deteriorate in 2024.
Women were more likely to be concerned about the environment than men, with 56 per cent of women answering that they believe the situation will get worse in the coming year, compared to just 43 per cent of men. When asked if they agreed or disagreed with the statement “I’m confident that our generation will do what it takes to meet the challenges of our time,” respondents were split, with 40 per cent disagreeing and 41 per cent agreeing. The remaining respondents chose “I don’t know/I prefer not to answer.”
There were glimmers of hope: 66 per cent of young Canadians agreed that they do feel “generally happy in life” and only 32 per cent said that they weren’t bothering to save for retirement because they couldn’t picture themselves achieving that in the future. It also caused more young Canadians to change their spending habits across all categories, according to the survey.
Around 72 per cent of renters said their rent takes up too much of their expenses and 81 per cent said they’re renting because they’re “unable to buy property.” Another 67 per cent said they don’t think they’ll be able to buy property in the next few years, with 68 per cent of youth living with family stating the same.Meanwhile, 61 per cent of homeowners said their mortgage wasn’t too high compared to their salary, and 77 per cent said they have never needed help to pay their mortgage before.
One reasoning which saw a big change compared to last year was the complaint regarding flexibility in work hours. In this recent survey, 19 per cent of Gen Z respondents planning to quit their job said they didn’t have enough flexibility, down from 39 per cent of Gen Z respondents in 2022. While flexible work hours and a four day work week were seen as a positive in a job offer, a five day work week was a negative that would need to be offset by benefits in other areas.
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