Gen Z Canadians face job losses—but time is on their side + MORE Feb 5th

My family and I moved to Canada in the summer of 2019, bright-eyed and bushy-tailed. We were willing to do everything it took to make the move a success. I knew that finding a job right away was unlikely and also sensed that landing a position at the same level as I had in Dubai was out of the question. I had no ego about it and was ready to put in the time and the work.

I found my first gig in February 2020, just weeks before the COVID‑19 pandemic swept through Canada and the world. I was lucky—the job gave me an opportunity to flex my entrepreneurial muscles inside an organization that needed exactly that.

One of my earliest memories from my interactions was a monthly ritual: a colleague would open a letter from his financial institution and either sigh with huge relief or with quiet frustration. It was his registered retirement savings plan (RRSP) statement. He was a few years from retirement and would openly share the ups and downs of his investments, depending on how the market had performed that month…

Statistics Canada has released new employment insurance (EI) data, and it doesn’t look good for Canadian workers. In the year ending November 2025, the number of people receiving EI rose by 16.1%. Among young Canadians aged 15 to 24, the increase was 12.4%. While this group wasn’t hit the hardest, that’s little comfort to the more than 50,000 Gen Z Canadians who lost their jobs during this time.

Young people face many of the same job challenges as older workers, plus some extra ones, like limited work experience. Still, they have one major advantage: time. Younger people have more years to save and invest. If you’re Gen Z and trying to improve your financial future in a shaky economy, starting now can make a big difference. 

Economic outlook for Gen Z Canadians

Gen Z includes people born between 1997 and 2012, which closely matches the 15–24 age group used by Statistics Canada. Here’s a snapshot of their financial situation.

High cost of living

Rising prices affect everyone…