The data: Three-quarters of respondents to a TD Bank survey have delayed at least one major life milestone because of their financial situation, with the highest shares among Gen Zers (85%) and millennials (79%). These cohorts were also the most likely (77% and 71%, respectively) to have received financial support from family members or people close to them. 

Zoom out: Gen Z’s finances have been particularly under pressure: A home purchase feels out of reach when living expenses are rising and loans come due. A BMO study earlier this year found that the costs of daily life are biting: For example, the cost of a date rose 12.5%, with US consumers spending an average of $2,323 over the past year. Among single respondents, 47% said dating was not worth the dollar cost. 

Across consumer segments, cars are aging, and many homeowners who bought at the peak of the housing market are underwater. At the same, some who bought earlier are caught in the golden handcuffs of historically low interest rates. The Federal funds rate sits at about 3.5%, keeping some large purchases out of reach.

Implications for banks: Consumers depend on trusted relationships to navigate financial stressors and milestones. Our February report Financial Wellness Apps and Tools 2026 found that financial stress is exposing gaps in banks’ money management tools. That puts increasing pressure on banks  to identify signs of financial strain and step in early to help customers manage short-term challenges.

Indeed, our June 2025 report Future-Proofing Banking Through Customer-Centric Journeys indicated that banks should educate, advise, and support customers proactively in addition to selling products and services personalized to their needs. Banks should use behavior and spending patterns to anticipate financial milestones like buying a house, starting a new degree, or planning for retirement.

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