Beyond The Old Playbook: What Financial Literacy Really Means Now

Young Canadians aren’t just tightening their budgets—they’re rewriting the financial rulebook altogether. With skyrocketing costs, shifting priorities, and a new definition of what “success” should look like, it’s no wonder that 90 per cent of Canadians aged 18–34 feel building wealth is harder now than it was for their parents, according to a Simplii Financial poll. This Financial Literacy Month, we sat down with millennial money expert Jessica Moorhouse to unpack how cultural pressure, economic reality and personal values are shaping a very different financial future. From delayed milestones to creative new approaches to stability, Jessica helps make sense of what it means to feel secure—and empowered—with money today. —Noa Nichol

The poll shows that 90% of young Canadians feel building wealth is harder than it was for their parents. From your perspective, what are the biggest structural differences shaping this sentiment? 

When I talk to young Canadians, there’s a clear feeling that they’re playing a completely different financial game than their parents, and the data backs that up. The Simplii Financial poll found that most young Canadians believe building wealth is harder today, and that reflects real structural changes. 

For older generations, milestones like buying a home or saving for retirement were both more accessible and seen as natural next steps. Today, housing affordability and rising cost of living means many young people feel priced out before they even get a chance to focus on building wealth. 

One-in-four Canadians – and over a third of Gen Z – say traditional advice no longer feels relevant, and it can feel that way because the landscape has changed. Younger Canadians need guidance that reflects their reality, not their parents’. 

That’s why I appreciate platforms like Simplii Financial. They recognize these pressures and offer low fee, digital-first tools that meet people where they are today. Simplii makes everyday banking simple and accessible, helping young Canadians build confidence in a financial world that looks very different from the one that older generations experienced. 

Many millennials are delaying traditional milestones like homeownership, marriage, and starting families. How do you think this shift is reshaping the definition of “success” for younger generations? 

I think younger Canadians are redefining what “success” means in a really empowering way. 

When cost of living and housing affordability feel like significant barriers, it’s natural for people to rethink their timelines, but what we’re seeing is more than just a delay. In fact, many millennials and Gen Zers are realizing that success doesn’t have to look like hitting a checklist of milestones by a certain age. It can mean financial independence, mental well-being, career flexibility, prioritizing travel, or simply feeling confident with day-to-day money management. 

The data supports this shift. According to the Simplii poll, nearly half of 18–34-year-olds say traditional home-buying advice no longer applies to them, and more than a third question older generations’ views on careers and income. That tells us younger Canadians aren’t just pushing milestones back; they’re reassessing what truly matters and carving out their own path based on today’s realities. 

Shared living, side hustles, and gig work are becoming more common strategies for financial stability. Which of these trends do you think are empowering, and which could be warning signs of deeper systemic issues? 

I think shared living, side hustles, and gig work reflect the reality of today’s financial landscape, and they can absolutely be empowering, but they can also highlight deeper financial pressures felt by young Canadians. When so many feel it’s harder to get ahead, shared living or gig work can also be a response to economic pressures, highlighting how today’s financial realities are forcing people to get creative to stay afloat. 
 
On the positive side, younger Canadians value flexibility and autonomy. Side hustles can provide creative outlets, extra income, and a sense of control. For me, the takeaway is that young Canadians are incredibly resourceful. They’re redefining financial success and using every tool available to make things work.  

In the survey, nearly 40% of Canadians said older generations don’t understand today’s financial realities. How do you recommend families bridge that generational money gap in conversations? 

When young Canadians feel that their parents or grandparents don’t understand the financial realities they’re facing, that gap can create real tension. One of the best ways to bridge it is through open, ongoing conversations. Start talking early, listen thoughtfully, and ask what someone is already doing to manage their finances.  

It’s important to challenge old assumptions and beliefs, because what worked in the past may not work in today’s economy. Approaching these conversations with curiosity and a solution-oriented mindset instead of judgment goes a long way. 

With rising living costs, many people feel like budgeting alone isn’t enough. What realistic financial habits actually move the needle for young adults in today’s economy? 

I understand why so many young adults feel like budgeting alone isn’t cutting it anymore. With the cost of living as high as it is, most people need more than a spreadsheet to feel in control. The Simplii poll really reinforces that 91% of Canadians believe financial advice needs to be personalized by generation and life stage, because generic guidance just doesn’t work. 

One habit that truly moves the needle is building investing knowledge gradually. The Simplii polls reveals that half of Canadians wish they’d learned about investing earlier, and that jumps to 54 per cent among women. Starting small – even with modest, consistent contributions – can make a meaningful difference over time. 

Ultimately, the financial habits that work today are the ones rooted in reality: automating savings and bill payments, investing in manageable increments, using tools that make your life easier, and setting goals that feel achievable. It’s about progress, not perfection, and finding confidence in the small steps that add up over time. 

Many millennials say they feel “behind” compared to where their parents were at their age. How can people begin to detach self-worth from traditional financial timelines? 

I hear this all the time. So many young Canadians feel like they’re “behind,” and it makes sense when you look at the reality they’re navigating. The first step is recognizing that the traditional timeline was built for a completely different economy. Housing affordability, rising costs, and shifting career paths mean milestones aren’t happening at the same pace. That’s not a personal failure; it’s a reflection of today’s financial landscape. 

Second, focus on the goals that matter to you, not the ones older generations said should matter. For many young adults, success now looks like having an emergency fund, paying down debt, travelling more, investing earlier, or prioritizing mental well-being and work-life balance. When you understand your money and your priorities, it becomes much easier to measure progress on your own terms, not against expectations that no longer fit. 

This generation is embracing alternative forms of security — from building online businesses to prioritizing mental health. How do you see emotional well-being and financial well-being intersecting? 

I think emotional well-being and financial well-being are more connected than most people realize, and younger generations are really leading the way in acknowledging that. They’re choosing to build security in ways that support both their mental health and their financial stability, whether that’s starting an online business, freelancing, or simply creating a lifestyle that feels sustainable. 

It’s understandable that financial stress becomes emotional stress. Money touches every part of our lives, so when people feel overwhelmed or uncertain, our mental health gets impacted, too. Financial well-being isn’t just about numbers. It’s about flexibility, clarity, and confidence, all of which support emotional stability. 

As a financial educator, what’s the biggest misconception you see young Canadians believing about money right now? 

One of the biggest misconceptions I see is this belief that you need to have everything figured out before you start making financial decisions. A lot of young people feel like if they’re not experts, they’re already behind, and that mindset holds them back more than anything. 

 
What’s interesting about the Simplii findings is that they show a very different story. Young Canadians are curious, they’re resourceful, and they’re open to tools that help them learn at their own pace. They’re not waiting to have all the answers; they’re looking for guidance that feels relatable and fits the world they’re navigating right now.  

You don’t need perfection to make progress. You just need to take that first step, learn as you go, and choose tools and advice that make sense for your life. Confidence comes from doing, not from knowing everything in advance, and that’s a really empowering shift. 

Financial Literacy Month encourages people to take small steps toward financial confidence. What are three accessible actions someone could take this month that genuinely make a difference? 

Do a simple “money check-in,” not a complete overhaul. Spend 20–30 minutes reviewing your spending, subscriptions, and upcoming bills, and see where you can make small and meaningful changes.  

Start investing in manageable increments. You don’t need thousands of dollars to invest upfront; you just need to start. Even $25 or $50 per month adds up and increases your confidence over time. 

Finally, find tools that work for you. With 40% of women and many people aged 35–54 feeling overwhelmed by the number of financial platforms out there, one of the smartest steps you can take is choosing intuitive, low-fee tools that reduce complexity. Digital-first platforms like Simplii make it easier to automate savings, track spending, and manage day-to-day banking without friction, and that simplicity is what helps people stay consistent. 

Looking ahead, what emerging financial trends do you think will define the next decade for millennials and Gen Z — and how can they start preparing now? 

I think one of the biggest trends we’ll see in the next decade is the continued shift toward financial advice that reflects what young Canadians are living through right now. Simplii’s research makes it clear that Canadians are looking for advice that’s personalized, flexible, and empathetic, because the financial landscape they’re navigating is completely different. 

I also think we’ll continue to see a major rise in digital tools that are reshaping how younger millennials and Gen Z manage their money. This generation is highly comfortable using technology to streamline everyday financial decisions, embracing apps, platforms, and automated solutions that make managing their financial lives faster, simpler, and more intuitive. 

I also think “finfluencers” and social-media-driven financial education will keep evolving, making money conversations more accessible. However, with that comes a greater need to filter and assess information, since not all online advice is accurate or suited to everyone. 

Ultimately, preparing for the next decade means embracing digital tools and building financial confidence step by step, choosing strategies that fit your life stage, and letting go of outdated expectations of what financial success should look like. Young Canadians aren’t just adapting to the future; they’re shaping it, and that’s incredibly exciting to see.