Investment Advice and Side Hustles Top of Mind as Gen Z and Millennials Seek Greater Financial Security: BMO Survey

Investment Advice and Side Hustles Top of Mind as Gen Z and Millennials Seek Greater Financial Security: BMO Survey
  • A quarter of Canadians feel less financially secure now than they did last year, but 72 per cent remain optimistic about their financial future for the year ahead

  • Nearly half of Gen Z and Millennials are seeking advice on investing and how to grow the money they have

  • 54 per cent believe digital banking tools and tips play an important role when managing money

TORONTO, Sept. 13, 2023 /CNW/ – This quarter’s BMO Real Financial Progress Index reveals young Canadians are increasingly seeking guidance on side hustles, how to grow their money and achieve financial security amid concerns about rising interest rates, inflation, and economic uncertainty. Among personal finance topics, the survey found Gen Z (ages 18 to 24) and Millennials (ages 25 to 44) are most interested in learning how to grow the money they have and diversify their sources of income:

  • Financial Anxiety: Concerns about their overall financial situation are the leading source of financial anxiety among Gen Z (90 per cent), as well as younger (ages 25 to 34) (88 per cent) and older (ages 35 to 44) (86 per cent) Millennials.

  • Learning to Grow: Younger Millennials are the most likely generation to seek advice on how to grow the money they have (56 per cent), followed by Gen Z (47 per cent) and older Millennials (47 per cent).

  • Passive Income for an Active Generation: Nearly half of Gen Z (46 per cent), as well as younger (46 per cent) and older Millennials (50 per cent), are interested in advice on investment strategies.

  • The Side Hustle Generation: Nearly half (48 per cent) of younger Millennials are looking for more information on how to generate other sources of income, followed by Gen Z (40 per cent) and older Millennials (36 per cent). Only 23 per cent of

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