"Is This Normal?" Decoding Young Adult Financial Milestones in Canada

Let me guess: you've been scrolling through Instagram watching people your age buy houses, take luxury vacations, and start businesses, while you're over here celebrating when you remember to transfer money to your savings account. Are you behind? Is everyone else secretly rich? What's normal, anyway?

Financial comparison is the thief of joy—but also completely unavoidable in our hyper-connected world. So let's have an honest conversation about what's actually typical for Canadian millennials and Gen Z at different ages and stages. Spoiler alert: those Instagram posts are NOT the full picture.

The Instagram vs. Reality Gap

Before we dive in, remember this truth: People showcase financial wins (new car! house keys! fancy vacation!) but rarely post about their:

• $45,000 student loan balance

• Parents who gave them a $30,000 down payment

• Credit card debt from that "spontaneous" European adventure

• Six months of eating ramen to afford that designer bag

With that reality check, let's look at what's actually normal for different age groups in Canada.

Early 20s (18-24): The Foundation Years

What's Actually Normal:

• Student Debt: The average Canadian graduate has $28,000 in student loans

• Living Situation: 35% of Canadians 20-34 live with parents (higher in Vancouver and Toronto)

• Savings: 40% have less than $5,000 saved

• Income: Average starting salary for recent graduates is $45,000-55,000 (varies widely by field)

• Credit Score: 600-650 range as you're building credit history

Red Flags That Aren't Actually Red Flags:

• Living with parents to save money (this is financially smart!)

• Having a "starter job" that isn't in your field

• Negative net worth due to student loans

• Using a budget app because you're still learning

Mid to Late 20s (25-29): The Building Years

What's Actually Normal:

• Retirement Savings: Having $5,000-$25,000 in retirement accounts

• Emergency Fund: 1-3 months of expenses saved (though still building)

• Housing: Renting, often with roommates (especially in major cities)

• Debt: Making progress on student loans, but still carrying balances

• Income: $50,000-$70,000 (Canadian median for this age range)

Red Flags That Aren't Actually Red Flags:

• Not owning property yet (especially in major markets)

• Having switched careers once or twice

• Only contributing small amounts to retirement

• Occasional financial help from family

Early 30s (30-34): The Establishing Years

What's Actually Normal:

• Retirement Savings: $25,000-$75,000 (Canadian average for this age)

• Housing: Homeownership rate around 40% (significantly lower in Toronto/Vancouver)

• Debt: Mix of mortgage, remaining student loans, possibly car loans

• Income: $60,000-$85,000 (Canadian median for this age range)

• Net Worth: Average of $20,000-$50,000 excluding pension values

Red Flags That Aren't Actually Red Flags:

• Delaying children for financial reasons

• Still having some student loan debt

• Not having the same lifestyle as your parents had at your age

• Prioritizing experiences over possessions

The "Normal" That Actually Matters

Here's what should be "normal" regardless of age:

• Spending less than you earn

• Having a plan for debt repayment

• Building emergency savings

• Making progress toward financial goals (whatever they may be)

• Understanding your own values and priorities about money

The Regional Reality Check

Canadian financial "normal" varies dramatically by location:

• In Toronto/Vancouver: homeownership often delayed into late 30s or requires family help

• In smaller cities/towns: earlier homeownership, but potentially lower earning potential

• In Quebec: lower housing costs, but higher taxes

• In Alberta/Saskatchewan: higher average incomes, more volatile job market

The Biggest Financial Secret: Most People Get Help

The uncomfortable truth about many of those enviable financial situations? They involved help:

• 30% of first-time homebuyers receive family assistance with down payments

• Many young adults with impressive investments received inheritance or gifts

• Those with zero student debt often had parents who saved for their education

• Some "entrepreneurs" had family safety nets that made risk-taking possible

This isn't to diminish anyone's accomplishments, but to remind you that the playing field isn't level, and comparing your chapter 1 to someone else's chapter 5 (especially when they started with advantages) isn't fair to yourself.

The Bottom Line

There is no single "normal" financial timeline for young Canadians. The most important question isn't "am I keeping up with others?" but "am I making progress on what matters to ME?"

Financial health isn't just about numbers—it's about having a plan, making informed choices, and creating a life that aligns with your values, not someone else's Instagram highlight reel.

Want to track your personal financial progress without the unhealthy comparisons? Download the Wealthii app from the Apple App Store or Google Play Store to set personalized financial milestones based on YOUR goals and circumstances. Our app shows your progress against your own targets, not arbitrary benchmarks or social media facades because the only financial timeline that matters is yours.