Why Young People Are Feeling the Pressure to Get Rich

Young people today are facing enormous financial pressures, including a growing push to invest aggressively and get rich young as rising living costs and a weak job market fuel uncertainty about the future. It only takes a quick scroll through social media to find a “finfluencer” hyping up a certain stock or strategy, often blurring the line between sound financial habits and high-risk, gambling-like behaviours. At the same time, there’s a growing sense among younger generations that the system is stacked against the average person, so playing it safe might not pay off.

To get a better sense of what young people are up against, we spoke to Rob Carrick, who, for nearly 30 years, wrote about money-related issues at The Globe and Mail. Here’s what he had to say about what today’s youth are faced with and how parents can help steer them clear of risky investing traps.

How young people are being pressured to make money   

Young people have more access to financial tools and information than ever before. And while that can be a good thing, it also comes with more pressure to invest aggressively or gamble, Carrick warns.

“They’re making these decisions to invest that are based on hype and things they’re hearing – and I think there’s a lot of risk to young people building their financial stability,” he says.

The rate at which young adults are being exposed to gambling, including sports betting advertising, through social media and television is unprecedented, according to a recent Canadian Centre on Substance Use and Addiction (CCSA) survey. It found about one in three adults aged 18–29 reported gambling online in the past year. Research also shows that online gambling is having a long-lasting impact on personal finances. Among young adults who gambled online, about a quarter reported reduced savings and higher credit card debt.¹

Part of the problem, Carrick says, is that young people may lose sight of the fact that they’re spending real money, because investing is mostly done virtually: “Parents need to teach [their kids] that yes, it may feel like there’s no friction and the money’s just going there, but it is actually costing you,” he says.

Rising costs are ramping up the pressure to earn fast

Young people are being hit with gambling ads and questionable financial advice on social media like never before.² At the same time, rising inflation, food prices and cost of living are impacting their ability to cover expenses. Then there’s the job market, which is particularly weak for those in their early-to-mid-20s.³ All of that might be making the idea of getting rich quickly more appealing.

On top of that, home ownership still feels out of reach for many aspiring homebuyers. Even though mortgage rates have stabilized and the average home price in Canada has come down somewhat to $663,828 (as of February 2026), prices are still relatively high, keeping many younger people on the homebuying sidelines.⁴

Carrick says that’s frustrating to those who have seen their parents accumulate wealth through their homes and from investing, and it’s natural for many to question whether the same opportunities exist for them.

There is good news, though: with life expectancy rising,⁵ young people have a lot of time – even more than previous generations – meaning they can build wealth over a few decades without taking dangerous risks.

Knowing which information to trust

If you have a child who is interested in saving and investing, the challenge is making sure they have credible voices to listen to – which might not be the hype TikTok finfluencer who’s excited about a stock or investment product and promises it’ll win big.

That’s getting tougher, Carrick warns, as just about anyone can post a video online sharing their take. “You can find someone who speaks in a way that could make you a better manager of your money, but at the same time, I think we need to be choosy about who we listen to,” he says.

If your child is listening to someone on social media, research their background online, look at their credentials and find out where they’re sourcing their information from, Carrick suggests. You can also find many investing books written by Certified Financial Planners – a key designation for financial advisors – packed with useful and credible information. When looking at financial information from any outlet, consider their underlying motivations, and fact check against other reputable sources before you make any decisions based on that information.

If you’re ever unsure about what you or your kids are seeing online, you can also consult a professional financial advisor to help guide you.

How can parents help?

While it’s nearly impossible to tune out all the noise, parents can help their kids make sense of things by teaching them how to identify credible information and make grounded financial decisions. They can talk about their own financial journey and share what they’ve learned along the way.

At the same time, it could be helpful to encourage young adults to take advantage of their lengthy time horizon by focusing on building long-term wealth instead of on making big or hasty bets.