Gen Z’s perspective

Half of Gen Z (48%) wish they had access to better financial guidance and 51% believe that banks are too focused on selling products rather than on giving them advice. Over a third (38%) say the advice they receive from their bank feels like an upsell.

The rise of AI is giving Gen Z pause, with over half (56%) fearing the loss of a human connection with their bank. Eight in 10 (81%) note that serious financial matters should be dealt with by a person not a chatbot, and 75% want the option to choose between both digital and in person banking options.

Empower your investments with Qtrade

Discover Qtrade's award-winning platform and take control of your financial future. With user-friendly tools, expert insights, and low fees, investing has never been easier.

Start Trading Today

Other perspectives in the survey

Despite the rise of technical innovations in digital banking, 87% still need to feel that they can work through their most serious financial problems with a real person and not AI. Two-thirds are concerned about losing the 'human connection' with their bank due to the rise of AI.

Ontarians are more likely to feel their lifestyle is becoming unaffordable due to rising costs (62% vs 53% for the rest of Canada) and express greater concern for their long-term future due to the current economy.

Women are more likely to worry about their long-term financial future at 40%, compared to 18% of men.

As well, Millennials are more likely to agree that it is becoming increasingly difficult to make ends meet (71%) and their lifestyle is becoming unaffordable (63%). More of them also agree that the average Canadian can't get ahead in this economy (82%).

Survey Methodology

The Leger Opinion online panel was used to survey 1,542 Canadians over the period of July 2 to 6, 2024. Sampling was done within age, gender and region quotas. The length of the survey was 10 minutes. Data was weighted on age, gender and region according to 2021 census figures. The survey included several open-ended questions to provide an opportunity for Canadians to express their thoughts in their own words.

Sponsored

Trade Smarter, Today

Build your own investment portfolio with the CIBC Investor's Edge online and mobile trading platform and enjoy low commissions. Get up to $100 in commission-free options until October 31, 2024.

Nicholas Sokic Contributor

Nicholas completed his master's in journalism and communications at Western University. Since then, he's worked as a reporter at the Financial Post, Healthing.ca, Sustainable Biz Canada and more. Aside from reporting, he also has experience in web production, social media management, photography and video production. His work can also be found in the Toronto Star, Yahoo Finance Canada, Electric Autonomy Canada and Exclaim among others.

Explore the latest articles

I tried EQ Bank — here’s why I love it

There’s no reason you need to leave thousands of dollars sitting around.

Hannah Logan Freelance Contributor

'Canada's a paragon of safe banking'
James Battiston

What is a high-interest savings account?
Shane Murphy

RBC Bank Reviews | My Personal Take
TW
Tyler Wade

Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.