It’s not just housing costs that have increased over the past several years—that’s evident with one trip to the gas station, or grocery store. Worries about how to make ends meet are common among younger Canadians and those wanting to buy their first home.
According to a recent survey from Ipsos, 85% of first-time home buyers are experiencing financial anxiety. Another survey from Environics Research shows 67% of first-time home buyers are worried about being able to afford a down payment, or feel in danger of being priced out of the housing market altogether.
Traditionally, the advice to address these concerns would be to set up a budget and start saving; however, in an age of social media, it can be easy to experience some FOMO when scrolling, and that can come with feelings of shame and anxiety regarding your own personal finances.
Lately, a new trend called loud budgeting is encouraging Canadians of all ages to start speaking up about their money goals and concerns—and not feel ashamed for taking their financial priorities seriously.
