When Matthew Robertson turned 18, he didn’t just open a bank account—he set up a tax-free savings account, downloaded finance apps, and dove into podcasts to plug himself into the world of investing. Now 21, the Carleton University student says financial literacy isn’t just a hobby, it’s a survival skill in an age of rising costs.
“Looking to our future, we kind of have to take finances into our own hands if we want to be able to afford a home one day, or to raise a family,” Robertson explained.
Across Canada, Gen Z is embracing finance earlier than any other generation. A TD Bank survey in 2024 revealed that 68 percent of young Canadians are investing annually—the highest rate of any age group. And much of that momentum is being fuelled by social media, where financial influencers—dubbed “finfluencers”—are breaking down topics like budgeting, investing, and cryptocurrency into bite-sized, relatable content.
The Canadian Securities Administrators reported that 82 percent of Canadians aged 18 to 24 say they’ve acted on investment advice found on social media. For many, this new wave of guidance feels more accessible than traditional advice from bankers in suits.
“We want to take advice from people who get it—people who we can relate to, people who look like us and sound like us,” said Alyssa Davies, founder of Mixed Up Money, a TikTok platform with more than 85,000 followers.
But experts warn there’s a flip side. Errol Osecki, a professor at the University of Ottawa, notes that some youth are forming “parasocial relationships” with influencers—trusting advice from people they don’t actually know. Meanwhile, the sheer volume of financial tips can be overwhelming.
“There’s so much information flying around,” said Michael O’Brien, a financial adviser with SunLife Financial. “Young people are eager, but many are lost about where to start. You can take your lunch break and get 15 different pieces of advice.”
Even Robertson admits he’s cautious: while podcasts remain his go-to, he never takes financial tips from social media at face value. “It’s important that we do our own research,” he said.
That’s why many advocates are pushing for stronger financial education in schools. Currently, only Saskatchewan and Quebec have mandatory high school financial literacy courses, though Ontario plans to introduce one in Grade 10 math as early as 2026.
Robertson believes this gap in practical learning worsens inequality. Those who grow up discussing money at the dinner table, like he did, have a head start. Others are left scrambling to catch up in adulthood.
O’Brien argues that a baseline education could make all the difference: “The basics—budgeting, investing, understanding your money—don’t have to be complicated. Just opening young people’s eyes to it is a huge step.”
For Gen Z, that first step often starts on their phones. And as their interest in money grows, so too does their determination to take control of a financial future that feels increasingly uncertain.