The thought flared up once more round 2017, making private finance headlines and going viral on social media. Minimalism gained traction, and younger Canadians sought out work-life stability and monetary freedom. Past its true adherents, FIRE stays a extremely clickable subject. Who isn’t inquisitive about the opportunity of retiring a long time forward of schedule?  

Technology Z and millennials are all about discovering monetary independence—not only for early retirement however for flexibility and monetary safety. However whereas the aspirations could also be there, actuality has its personal plans. A new study by advisory agency Edward Jones exhibits Canadians are feeling the strain of the excessive price of residing and mounting debt. Fewer Canadians plan to contribute to their retirement financial savings this 12 months (39%, down from 49%). Younger Canadians 18 to 34 present the most important drop, with simply 41% planning to contribute, down 19% from final 12 months.  

Calgary-based certified financial planner Russ Dyck says that, in his expertise, his Gen Z purchasers benefit from the work they do. They’re much less targeted on retiring early however as an alternative on constructing a stable monetary basis for any worst-case situations, corresponding to a job loss. They search some mixture of safety and suppleness. 

So, the query in 2025 is: Is a few model of FIRE attainable for younger Canadians, or has the rising price of residing turned it into yet one more monetary pipe dream? Let’s discover out.

The price-of-living squeeze

In 2025, Gen Z and Millennials in Canada are feeling the price of residing climb, making saving and investing a wrestle. The dream of residence possession stays a far-fetched aim for a lot of with the common residence priced at $670,065—a 1.1% enhance from 2024. And hire isn’t low cost both, at a median $2,152 a month (count on greater figures in main cities). 

This retains residence possession out of attain for a lot of, forcing extra younger Canadians to hire or keep at residence longer. Not solely may grocery costs go up another 5% this 12 months however residents of jap Ontario and Quebec may wind up paying $15,000 more for necessities, like meals, housing and utilities than final 12 months as inflation, housing shortages, a weaker greenback, and world tensions—together with the U.S.’s implementation of 25% tariffs—drive up prices.

Younger Canadians are feeling the monetary squeeze. A survey by the Healthcare of Ontario Pension Plan discovered that 69% of Canadians underneath 35 are most involved in regards to the prices of day-to-day bills, whereas 51% report residing past their means—and never by selection. With pupil debt additionally holding them again, many wrestle to avoid wasting for the long run, delaying milestones like residence possession and rising retirement financial savings.

Multiple solution to FIRE

Given these bleak statistics, Dyck says strict FIRE isn’t possible for many Canadians.