Across Canada, a generation that has learned to save carefully still carries a quiet unease about money, a weight many say they inherited along with their first paychecks. A Meridian survey reports that more than half of millennials find their finances stressful or intimidating, and that many trace this feeling back to tense kitchen-table conversations and parents who worried aloud. The same people are diligent and eager to take charge, yet most have never sat down with a professional, often because they doubt they have enough to justify the cost. Whether this hesitation quietly shapes the fut
Millennial Money Anxiety Persists Despite Financial Savvy, Meridian Survey Finds
They save, set goals, and still find money intimidating
Mark
Why does a survey about feelings matter here? Millennials are saving, aren't they?
Mimi
That's the tension. They save, set goals and want to be involved, yet 55 per cent say money is stressful or intimidating.
Mark
And the survey ties some of that to childhood?
Mimi
Yes. 51 per cent say they still carry financial anxiety from growing up, and 30 per cent said their parents were always worried about money and they were too.
Luke
Careful, though. That's self-reported. The survey shows the two things coexist, not that childhood causes the anxiety. Meridian says it "may" be a root.
Mark
What about advisers? 73 per cent haven't used one.
Mimi
Many prefer to manage things themselves, but 37 per cent think they lack enough money for one and 31 per cent worry about cost.
Luke
And notice who is making the case for advisers: a wealth manager at Meridian, which sells that service. That doesn't make him wrong, but it's worth weighing.
Mark
Anything surprising about partners?
Mimi
78 per cent of millennials have had an in-depth money talk with a partner, against 58 per cent of boomers, and 30 per cent want joint adviser meetings.
Luke
What we don't know is the sample size, the margin of error, or whether anxiety actually changes outcomes. The reporting doesn't say.
Le Pouls
- More than half of Canadian millennials describe dealing with money as stressful or intimidating, even as they save diligently.
- Anxiety runs deep: 51 per cent still wrestle with money fears absorbed from childhood, when parents' worries spilled into the home.
- Most millennials have never consulted a financial planner, many fearing the cost or believing they lack enough money to justify one.
- A hunger for partnership is building, with 72 per cent wanting debts and obligations aired before a commitment and 78 per cent already having in-depth money talks.
- Meridian urges professional guidance as a way to calm the nerves, but the real test lies ahead in whether reluctance to hire advisers slows progress toward long-term goals.
Across Canada, a generation that has learned to save carefully still carries a quiet unease about money, a weight many say they inherited along with their first paychecks. A Meridian survey reports that more than half of millennials find their finances stressful or intimidating, and that many trace this feeling back to tense kitchen-table conversations and parents who worried aloud. The same people are diligent and eager to take charge, yet most have never sat down with a professional, often because they doubt they have enough to justify the cost. Whether this hesitation quietly shapes the futures they are working toward is a question the data cannot yet answer.
A new survey from Meridian, the credit union and wealth manager, paints a portrait of a generation that does much right with money and still lies awake over it. Among Canadian millennials polled, 55 per cent said dealing with their finances is stressful, sometimes intimidating, even though many are proactive, valuing transparency and active involvement in planning.
Meridian traces part of this unease to childhood. Fifty-one per cent say they still cope with financial anxiety from those years, and millennials were more likely than other generations to recall money causing tension at home or parents who were always worried about it. Yet that same upbringing taught many how to save and set goals, and 79 per cent felt knowledgeable when they left home, even though 58 per cent doubt what they know.
Most have kept their money decisions to themselves. Seventy-three per cent have never turned to a financial planner, preferring to manage on their own, while others cite cost or a sense that they simply do not have enough to warrant help. Meridian's Naveen Senthamilselvan praised self-directed learning but argued that talking goals through with a professional can ease anxiety in difficult times.
Partnership looms large in these conversations. Thirty per cent of millennials want joint meetings with a partner and an adviser, and 72 per cent believe debts should be discussed before committing to someone. Already, 78 per cent have had an in-depth money talk. The survey captures attitudes rather than results, so whether this reluctance to seek guidance will affect long-term goals remains to be seen.
A new survey from Meridian, the credit union and wealth manager, describes a generation that does many things right with money and still lies awake over it. Of Canadian millennials polled, 55 per cent said dealing with their finances is stressful, even intimidating. The finding was highlighted in the Posthaste newsletter on February 11, 2022.
The same respondents look proactive on paper. The survey found millennials strongly value equity, transparency and partnership in money matters, and 60 per cent said it is important to learn about and take an active role in financial planning and investing. Naveen Senthamilselvan, Meridian's senior manager of wealth management, said in a release that millennials are generally good at saving and setting goals, yet are also the generation most likely to admit to money doubts and anxiety. He suggested that apprehension may be holding them back from their goals.
Meridian points to childhood as one root. Fifty-one per cent of millennials said they are still coping with leftover financial anxiety. Compared with other generations, they were the most likely to say money caused tension in their home growing up (20 per cent), or that their parents were always worried about money and they were too (30 per cent).
That upbringing seems to have taught as well as worried them. Fifty-six per cent said it is how they learned to save and set financial goals, and 79 per cent felt knowledgeable about money when they left home. Even so, 58 per cent have low confidence in what they know.
Most have not sought outside help. Seventy-three per cent said they have not turned to a financial planner or adviser, and most said they prefer managing their own money. Cost plays a part: 37 per cent think they do not have enough money to use an adviser, and 31 per cent worry about the expense.
Senthamilselvan praised the do-it-yourself instinct, noting the benefit of independent research, experimenting with apps and listening to others. But he argued that talking through goals with a professional can take the edge off money anxiety, particularly in what he called trying times. An adviser, he said, knows the client personally and can suggest customized strategies to build confidence.
Partners figure prominently. Thirty per cent of millennials expressed interest in joint meetings with a partner and an adviser, versus 12 per cent of Gen Xers and nine per cent of baby boomers. Seventy-two per cent said loans and other financial obligations should be discussed before committing to a partner, and 60 per cent want to talk about financial goals with their partner more often. Already, 78 per cent reported having an in-depth money conversation, compared with 72 per cent of Gen Xers and 58 per cent of boomers.
The open question is whether reluctance to hire advisers, driven partly by cost concerns, affects how well millennials reach their long-term goals. The survey records attitudes, not outcomes, so that remains to be seen.
Citations marquantes
Millennials are generally great at saving and goal-setting but are also the most likely to admit to money doubts and anxiety, which may be holding them back.— Naveen Senthamilselvan, Meridian senior manager of wealth management
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