Survey: who are the millennials in Quebec?
Millennials are often said to be foolish and impractical, preferring to see life through an Instagram filter. Is there any truth to this stereotype? How do young Quebecers really feel about their financial future?
In collaboration with Léger, the Fonds de solidarité FTQ conducted a survey of 1,506 Quebecers aged 18 and over. The goal was to learn more about their personal finance habits.
Often called foolish and impractical, millennials have a reputation for seeing life through an Instagram filter, preferring experiences to material possessions—except when it comes to the latest iPhone. Is this fact or fiction? How do millennials really feel about their financial future?
What are Quebecers' aspirations?
From childhood to old age, we all have the same hopes and dreams! But about 70% of respondents aged 18 to 34 dream of having an exciting career above all else, compared to only 56% of respondents aged 35 and up. This is probably because young people are still working on their professional goals, whereas their elders have already attained them.
7 out of 10 Quebecers hope to buy a house
All generations generally agree that it's smarter to invest in property than to rent. Even though young Quebecers are known to be reluctant to leave the nest, our survey results revealed that this is often due to strong family ties: 39% said they're simply comfortable living at home. Proof positive that mom's shepherd's pie can't be beat!
Do Quebecers want a cushy savings account or cottage with a view?
Who doesn't dream of raking in the cash? Quebecers sure do! Young people also seem keen on the cottage life. Perhaps they're nostalgic for the family vacations of their youth, or simply looking for a long-term investment.
Is a new cell phone model cause for excitement or indifference?
We tend to assume that young people regularly camp out to get their hands on the latest model. In reality, 98% of them are indifferent or wait for the price to drop. This should come as no surprise, given that their main aspiration is wealth.
Do Quebecers prefer to spend or save?
Young people have plenty of projects on their docket, but they also want to save. What's more, despite a preference for immediate income, 44% of respondents aged 18 to 34 are interested in responsible investments.
Which Quebecers are best at budgeting?
Results show that Quebecers in all age groups tend to track their budgets closely. That said, many would benefit from additional financial tools and resources. Luckily, young people can turn to their parents and grandparents for guidance.
Is banking a positive or negative experience?
No matter our age, banking can be a stressful experience. However, age seems to coincide with financial wisdom, as 49% of respondents over 55 said they feel positive when checking their bank account, compared to only 28% of respondents under 54.
What institutions do Quebecers trust?
Unlike Quebecers aged 55 and up, who seem to have strong relationships with their financial advisors, almost half of young Quebecers prefer to opt for alternative financial models. Nearly a quarter of them are wary of all above-mentioned institutions—even Apple.