For many gen-Z and millennial Canadians, this season of life is full: careers are growing (or changing), families are forming, homes are being purchased, and responsibilities are expanding. It’s also a time when financial pressure can feel especially close to the surface.
Here are ten of the most common financial worries we’re hearing, along with practical steps to help you make peace with your money.
1. The Rising Cost of Living
Groceries, utilities, housing, childcare — everyday expenses have climbed. Even strong incomes can feel stretched.
What can help:
- Revisit your budget every few months. Small adjustments add up.
- Separate fixed and flexible expenses to see where you truly have room.
- Automate savings, even modest amounts, so progress continues quietly in the background.
- Consider a “values audit”: does your spending reflect what matters most to you?
A spending plan is not about restriction — it’s about alignment.
2. Housing Affordability
Whether renting or buying, housing costs remain one of the largest pressures for this age group. High home prices and rental rates have made entry in the housing market, or upgrading, challenging.
What can help:
- Get pre-qualified before house hunting to understand your true range. Download Kindred’s First Time Home Buyers Guide for an in-depth look at potential hidden costs.
- Learn what your mortgage payment might be ahead of time and ensure that your budget has room for extras that could come up with home ownership.
- Explore shorter amortizations or accelerated payment options if feasible.
- If renting, prioritize building savings alongside housing stability.
Home ownership is a meaningful goal for many, but financial wellbeing matters more than square footage.
3. Mortgage Renewal Anxiety
For those who purchased or renewed during lower-rate periods, renewal can bring uncertainty.
What can help:
- Connect with your financial institution six months before renewal.
- Review lump-sum payment options in advance.
- Explore blending, refinancing, or adjusting amortization if needed.
- Rework your budget early so there are no surprises.
Preparation brings peace of mind.
4. Childcare and Family Costs
Young families can face significant childcare expenses, along with diapers, activities, clothing, and more.
What can help:
- Get on waitlists for licensed childcare to take advantage of the $10-a-day childcare plan from the government
- Take full advantage of government benefits such as the Canada Child Benefit.
- Use Registered Education Savings Plans (RESPs) early to benefit from grants and compound growth.
- Share resources within your community — swaps and hand-me-downs are timeless for a reason.
- Review dependent care benefits through your employer.
Raising children is a long-term investment — thoughtful planning makes it more manageable.
5. Saving for Retirement (While Living Now)
Balancing today’s needs with tomorrow’s security is a real challenge.
What can help:
- Start with manageable contributions to an RRSP or TFSA — consistency matters more than size.
- Increase contributions gradually with raises or bonuses.
- Use employer matching programs whenever available.
- Consider speaking with an advisor to clarify long-term projections.
When it comes to retirement, the earlier you begin, the more time does the heavy lifting.
6. Managing Debt
Student loans, car loans, credit cards, lines of credit — debt can feel like a constant companion.
What can help:
- List all debts with interest rates and minimum payments.
- Prioritize higher-interest balances first (the “avalanche” method).
- Consider consolidating high-interest debt to lower your overall cost.
- Avoid adding new debt while actively reducing balances.
Debt is common. A plan makes it manageable.
7. Job Security and Career Shifts
Economic uncertainty and workplace changes can leave many wondering what’s next.
What can help:
- Build an emergency fund covering three to six months of expenses.
- Invest in skills development aligned with future growth areas.
- Keep your résumé and professional network current.
- Consider income diversification if appropriate.
Resilience grows when preparation meets opportunity.
8. Supporting Both Children and Parents
Many in this age range are part of the “sandwich generation,” helping both aging parents and growing children.
What can help:
- Have open family conversations about expectations and financial realities.
- Encourage parents to explore benefits and community resources.
- Set clear boundaries so support doesn’t compromise your own stability.
- Consult with a planner about long-term caregiving considerations.
Generosity is beautiful — sustainability keeps it possible.
9. Financial Comparison and Social Pressure
Social media and peer conversations can amplify feelings of “falling behind.”
What can help:
- Define your own financial milestones.
- Remember that external appearances rarely tell the full story.
- Focus on progress, not perfection.
- Practice gratitude for what is already in place.
Financial wellbeing is deeply personal. There is no universal timeline.
While each of these worries is real, none are insurmountable. The most powerful steps tend to be simple:
- Create clarity through a written plan.
- Automate what you can.
- Build margin gradually.
- Seek advice when decisions feel complex.
- Align money with your values.
In this stage of life, it’s easy to feel that everything needs attention at once. Instead, choose one priority and begin there. Momentum builds with each small step. Financial confidence is not about having all the answers. It’s about taking thoughtful steps toward a future that reflects your values, and helps you make peace with your money.
Check out Kindred’s Money Wellness Score Calculator to understand where you stand and make a plan for the future.