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.
“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.
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.
“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.