Gen Z is proving to be more financially engaged than the previous generations and diving into investing earlier through RRSPs and TFSAs, according to Statistics Canada and a TD Bank survey, often thanks to finance becoming more digestible through influencers.

Toronto

Canadian Gen Z, defined as those aged 13 to 29, are increasingly investing at a younger age, with 68% reportedly investing consistently each year. Many are inspired by financial advice found on social media platforms, which present information in an accessible and easy-to-understand manner. 

Rising housing prices and a competitive job market have motivated young Canadians to seek financial independence through investment accounts. While the abundance of online advice means not all information is reliable, some Gen Z investors feel empowered by the knowledge they gain and the ability to manage their own financial futures. The convenience of digital banking and investment tools has further facilitated this shift.

Gen Z getting into investing earlier with social media advice

She's been posting videos for like, I think, close to five years now. 23-year-old Arvin Farshad set up a tax-free savings account after watching influencers talk about it online. They don't teach this type of stuff in school. They don't teach anything about TFSA or personal finances in school. Farshad is part of Gen Z, people currently between the ages of 13 and 29. 68% of Canadian Gen Z-ers are investing consistently each year, at least 5% more than any other age group, according to a TD Bank survey. They're the first generation that's really been truly immersed in social media. So for them, accessing information is second nature. I also think that this is a generation that's internalized some of the mistakes that other generations have made in the past. I pay zero bank fees. This content creator is one of many influencers giving financial advice on social media. It's done in a way that is easier to digest and understand. And like concepts are broken down a little bit more and it's not this like huge overwhelming task. Young Canadians are turning to investing in the face of skyrocketing housing prices and a tough job market. Many are living at home longer and taking advantage of easy access investment tools. Gen Z is kind of holding on saying, you know what, I don't care. I'm going to put my liquidity and my wealth in investment accounts where I can control it. And at least I can actually have some sort of say in what happens in my future. I've said this before and I'll say it again but building wealth is actually really simple. With so many influencers, not all advice is good advice. But Farshad thinks he's found the right information to secure his future. Nothing is guaranteed, even for jobs, the housing market. So if you have that money in the reserve just for you to pull out from it's always good to have that. Banking is no longer just about walking in. It's right here in your hand and that convenience is making it easier than ever for people to save and invest on the go. Michelle Song, CBC News, Toronto.

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Canberra

Australia expands teen social media ban to YouTube

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Washington

Global Tariffs

Trump says U.S. to hit India with 25% tariff starting August 1

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Birmingham

Ozzy Osbourne fans flood Birmingham streets to mourn late music icon

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Jerusalem

Middle East Conflict

Palestinian activist killed by Israeli settler in West Bank

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Hawaii

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New York

Israel and U.S. boycott UN Summit for two-state solution

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London

UK to recognize Palestinian state unless Israel takes action

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Kyiv

Ukraine Invasion

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Bogotá

Ex-Colombian president Uribe convicted of witness tampering, bribery

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Moscow

Russian official calls Trump's ceasefire deadline 'a threat'

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Zaporizhzhia

Russian air strikes hit a prison in Ukraine's Zaporizhzhia, 17 killed

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Traverse City

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U.S. Justice Dept. shuts down four child abuse websites

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Bangkok

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Kuala Lumpur

Thailand and Cambodia agree to ceasefire

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Stockholm

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Riedlingen

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Athens

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Garfield Township

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Breakdown