Canada's Future Economic Engine: TD Survey Finds 3 in 4 Gen Zs Want to Run Their Own Business
Gen Z is leading in hustle but lagging in asking for help: 77% of respondents would feel more confident starting or growing a business with a trusted small business advisor or mentor
TORONTO, Oct. 1, 2025 /CNW/ - A big wave of Canadian entrepreneurs is potentially on the horizon. A new TD Survey reveals that nearly three in four (73%) Gen Z Canadians find the idea of starting their own business appealing. However, two-thirds (67%) are not actively seeking support from their banks.
"We're witnessing a surge of entrepreneurial drive amongst young Canadians and there's an opportunity to bridge the gap that many new small business owners face," says Julia Kelly, Vice President, Small Business Banking at TD Bank Group. "We often hear from young entrepreneurs that they're brimming with ideas but don't know where to start — whether that's how to structure a business plan, navigate cash flow management or understand what government grant programs are available. That's where relatable advice from local small business advisors makes the difference."
Key motivators for Gen Z business owners
- Gen Z and Millennials say financial independence (Gen Z: 30%, Millennials: 32%), freedom to work on their terms (Gen Z: 29%, Millennials: 32%) and frustration with traditional employment (Gen Z: 20%, Millennials 21%) are top reasons for wanting to start a business.
- 1 in 4 Gen Z and Millennials (Gen Z: 25%, Millennials: 26%) cite turning a passion into income as their main motivation for entrepreneurship.
- When it comes to starting a business, younger Canadians are going digital, with 1 in 4 Gen Z (25%) and Millennials (22%) saying they would launch an e-commerce venture. Another 22% of Gen Z see themselves as influencers or content creators, building businesses through social media platforms.
Barriers to entrepreneurship and the need for trusted advice
While Gen Z has big dreams of owning their own business, three in four (75%) worry about potential failure due to lack of experience and 31% say a lack of financial resources is their biggest deterrent to getting started. That's not the only barrier: Gen Z business owners are digging into their own pockets, with close to one in five (19%) dipping into personal savings or taking on debt to keep their ventures afloat. Almost 7 in 10 (67%) Gen Z Canadians say they don't have enough financial knowledge to run a business, a nearly identical number (68%) place high value on mentorship from successful business and financing experts.
"Supporting small business is all about meeting business owners' needs today and helping them grow tomorrow," says Kelly. "Our small business advisors want to build relationships that support your business and your financial well-being. We know that nearly 3 in 4 (72%) Gen Zs want long-term financial business advice, rather than one-off tips, and we're here to help."
TD Small Business Banking is committed to helping small business owners succeed by providing tailored banking advice, resources and mentorship that fosters long-term growth.
About the Survey
This TD survey was undertaken by The Harris Poll Canada. It ran August 6th, 2025 through August 8th 2025, with 530 randomly selected Gen Z (born between 1997 and 2012) Canadian adults who are Maru Voice Canada online panelists.
The results have been weighted by age, gender, region, and education (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada.
For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of ±4.3%, 19 times out of 20.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 28.1 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 18 million active online and mobile customers. TD had $2.0 trillion in assets on July 31, 2025. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.
SOURCE TD Bank Group
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