Study: Millennials and Gen Z prioritizing experiences [Video]

According to a study conducted by financial group, Wealthsimple, millennials and Gen Z are prioritizing experiences and a better work-life balance over traditional notions of success like homeownership and retirement savings.

“They’re not looking at it in a linear fashion where you work and retire completely at 65. They’re really trying to strike a balance through their life enjoyment,” said Jennah Cornelissen, lead advisor at Wealthsimple.

The study found 78 per cent of millennials and Gen Z feel the concept of retirement needs to be modernized to better meet today’s realities. Instead of saving for homeownership, 57 per cent are prioritizing savings for travel.

Recent post-graduates Braydon Killen and Ian MacDonald said cost of living is part of the reason they do not save up for retirement.

“With the housing prices going up, I’ve been looking around and it’s just really wild how much they’ve gone up, so it’s kind of hard to put my mind towards that …