Canadian Millennials - Health and Wellbeing
Ninty-six percent of Canadian Millennials care the most about great healthcare benefits when choosing between two companies that offered similar pay and job responsibilities. For tracking their health goals, 40% of Millennials in North America use an electronic diary for tracking their health information, and only 41% of Millennials use their doctors as their go-to for information.
- Millennials in Canada are considered to be more financially knowledgeable than other generations. Additionally, they are considered to be doing better than Gen-Xers did at the same point in their life.
- However, Millennial-led families are more likely to have student debts or some type of outstanding student loan and credit card balances. Additionally, Millennials are more likely to have no retirement savings.
- Sixty percent of Millennials say that the amount they have saved is none, with 40% having saved between zero and $25,000.
- In every other financial aspect, Millennials are performing unexpectedly well. Millennial-led families have higher incomes and have a lot more assets, as well as better access to workplace pensions combined with higher pension assets.
- Millennials are also as likely as Gen-X families to tailor their budgets to own a home. Overall, it takes Canadian Millennials need 13 years of full-time work to save for a 20% down payment on an average priced home.
- According to Fitnescity, a Canadian and US fitness chain, 96% of Canadian Millennials stated that great healthcare benefits would be the crucial factor when choosing between two companies that offered similar pay and job responsibilities.
- According to a survey by Gallup, "Millennials approach a role and a company with a highly defined set of expectations."
- Millennials are looking for their work to have meaning and purpose, and will plan in a way that will allow them to find "greater flexibility and autonomy, along with the ability to lead a healthy life."
- Fitness and health technology is a big enabler for Millennials when it comes to reaching their fitness goals. Millennial women spend more than 200% more time in sports, health and fitness apps compared to the rest of the population.
- Being healthy does not equal to not being sick but is considered to be a daily pursuit, with self-collected data being a big part of it.
- Eighty-one percent of Millennials in North America stated they would use a confidential website or app in order to track their health information, while 40% already admit to using an electronic diary for tracking their health information.
- On the other hand, Millennials do not trust their doctors as much as other generations, with only 41% of Millennials seeing their doctor as the best source of information.
Fitness and gym goals
- Millennials are using testing, which used to be reserved for professional athletes and elite sports labs and weight loss clinics. Testing is now part of the routine for Millennial casual gym-goers.
- A rising number of Millennials are currently using "professional, lab-quality tests for body composition and metabolic testing, aerobic capacity testing, blood testing, and even genetic testing."
- Millennials in North America (including the US and Canada) spend close to $112,000 on fitness purchases during their entire lifetime. This equates to monthly costs as follows: $33 for gym memberships, $56 for health supplements, $35 for clothing and accessories, $17 for meal plans, and $14 for trainers.