More than half of Gen Z Canadians feel pressured to look financially stable while quietly drowning in stress and debt. That's according to a recent TD survey, and it paints a pretty bleak picture of what it's like to be young and trying to build wealth right now.

Fifty-three percent of Gen Z respondents, those born between 1997 and 2012, said they feel compelled to project financial security even when they're struggling behind the scenes. It's the Instagram version of your finances. Everything looks fine on the surface, but the reality is messier.

"Gen Z is under constant pressure to appear financially secure as soon as they begin their careers, while many are struggling behind the scenes with stress, debt and uncertainty," said Kristy Irwin, Product Group Owner for Youth and Student at TD. "The pressure to look like they have it all together, for friends, family and social media, only adds to the real financial challenges they already face in today's tough economy."

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The Cost of Living Is Crushing Them

When Gen Z was asked what's stopping them from hitting their financial goals, the answers weren't surprising. Almost half, 47%, pointed to the cost of living. Over a third, 36%, said their income just isn't enough to get ahead.

One in five admitted they don't even know where to start when it comes to managing money. And nearly three-quarters worry that a single financial mistake could set them back in a serious way.

That last stat hits hard. When you're already on shaky ground financially, the margin for error feels nonexistent. Miss a payment, overspend one month, and suddenly you're playing catch-up for months.

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Homeownership Feels Like a Distant Dream

Homeownership used to be the marker of making it. Buy a house, settle down, build equity. It was the Canadian dream for decades.

Not anymore. At least not for Gen Z.

Sixty-six percent of young Canadians said they feel pressure to hit traditional financial milestones, like buying a home or building wealth, by a certain age. But only 19% listed homeownership as a top financial goal. Just over half believed they'd be able to retire comfortably.

Think about that for a second. The generation coming of age right now doesn't expect to own a home, and half of them don't think they'll retire well. That's not pessimism. That's realism based on what they're seeing in the market.

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Housing Has Become a Bigger Concern Than Healthcare

An Abacus Data and Canadian Real Estate Association report found that housing is now a bigger concern for Canadians than healthcare. Let that sink in. Housing, 38%, has surpassed healthcare, 30%, in the national psyche. The cost of living still tops the list at 59%, but housing is right behind it.

Younger Canadians feel it the most. Forty-one percent of those aged 18 to 29 cited housing as a top issue. For the 30 to 44 age group, it's 39%. These are people who should be buying homes, starting families, and putting down roots. Instead, they're stuck renting or living with parents because the math doesn't work.

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They're Saving More, But It's Still Not Enough

Here's the kicker. Gen Z is actually saving more than other generations right now, according to a National Payroll Institute survey. They're doing everything right. They're budgeting, cutting back, putting money away. And it's still not enough to make homeownership realistic.

That's why more Canadian parents and grandparents are stepping in. The Bank of Mom and Dad isn't just helping with down payments anymore. It's becoming the only way many young people can even enter the market.

When your kids are doing everything they're supposed to do and still can't afford a home, something is broken. And Gen Z knows it.

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The Social Media Effect Makes It Worse

Social media adds another layer of pressure. Everyone's posting their wins. New car, new condo, vacation photos. It creates this illusion that everyone else has their finances figured out while you're struggling.

But the TD survey shows that most Gen Z Canadians are faking it. They're posting the highlight reel while dealing with the same stress, debt, and uncertainty as everyone else. The pressure to keep up appearances doesn't just exist in real life anymore. It's amplified online, 24/7.

That constant comparison, combined with actual financial strain, creates a toxic mix. You're anxious about money, you feel like you're falling behind, and you're also expected to look like you've got it all together. It's exhausting.

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What This Means for the Market

When an entire generation stops seeing homeownership as achievable, that's a long-term problem for the housing market. Gen Z isn't avoiding homeownership because they don't want it. They're avoiding it because they don't think it's possible.

That mindset shift matters. If young Canadians stop planning for homeownership, stop saving for down payments, stop thinking about where they might want to live long-term, the market feels that. Demand changes. Expectations change. And eventually, the whole system has to adjust.

Right now, we're seeing the early stages of that shift. Gen Z is saving more than other generations, but they're also more pessimistic about their financial future. They're working hard, but they don't believe it'll be enough. And honestly, based on what they're up against, can you blame them?

The cost of living is high. Wages aren't keeping pace. Housing prices, even with recent cooling, are still out of reach for most first-time buyers. And every time they look at social media, they see peers who seem to have it all figured out, which just adds to the pressure.

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The Real Problem Isn't Gen Z

Gen Z isn't failing. The system is failing them. They're doing everything they're supposed to do. They're educated, they're working, they're saving. And it's still not enough.

When hard work and smart money management can't get you into the housing market, something needs to change. Whether that's policy, wages, housing supply, or all of the above, the current path isn't sustainable.

Gen Z sees it. They're living it. And they're not optimistic about what comes next.