{"id":5397,"date":"2026-05-04T20:35:26","date_gmt":"2026-05-04T20:35:26","guid":{"rendered":"https:\/\/www.worldpumpnews.com\/?p=5397"},"modified":"2026-05-04T20:35:26","modified_gmt":"2026-05-04T20:35:26","slug":"twice-as-many-gen-z-canadians-plan-to-save-tax-refund-this-year-survey-national","status":"publish","type":"post","link":"https:\/\/www.worldpumpnews.com\/?p=5397","title":{"rendered":"Twice as many Gen Z Canadians plan to save tax refund this year: survey – National"},"content":{"rendered":"

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Canadians across the country will be receiving their tax refund this month, but most younger Canadians are using it to save rather than splurging this spring, data from TD Bank shows.<\/p>\n

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Nearly half (47 per cent) of Canadians expecting a refund this year say they will save the money for a rainy day, rather than splurge it on discretionary spending, a TD survey released Monday shows.<\/p>\n

For Gen Z Canadians, that number has more than doubled from 30 per cent in 2025 to 63 per cent this year, data show.<\/p>\n

Gen Z Canadians are also more than twice as likely to invest this year (33 per cent) compared to last year (15 per cent) and also more likely than this year\u2019s national average (25 per cent).<\/p>\n

\u201cMore Canadians are planning to save this year, more Canadians are planning to invest this year as well, and the discretionary spend is trailing far behind,\u201d said Manish Jain, vice president of personal savings and investing at TD Bank.<\/p>\n

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\u201cYounger Canadians, particularly Gen Z, are really leading the way here,\u201d he added.<\/p>\n

Climbing debt and the cost of living are defining plans for many, with 36 per cent of all respondents saying they\u2019ll use their refunds to pay down debt, compared to 23 per cent last year. One in four (25 per cent) said they will use it to cover daily expenses, up from 15 per cent last year.<\/p>\n

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Nearly half (44 per cent) of those who are not investing this year say they want to, but don\u2019t have the funds needed to kickstart investments, Jain said, adding that nearly two-thirds of Gen Z respondents also say they don\u2019t know enough about which investment products they can buy.<\/p>\n

But those who are using their tax refunds to invest this year are using it as a launch pad for building more consistent habits.<\/p>\n

\u201cOur Gen Z respondents are planning to save more consistently. It\u2019s not just about the one-time refund, but consistent investing,\u201d he added.<\/p>\n

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A 2025 research report by JPMorganChase shows that as homeownership feels out of reach for young people in the U.S., they are turning their money towards investing in stocks. Lower-income and younger people have increased their retail investment activity more than higher-income people since the start of the pandemic, the report shows.<\/p>\n

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