​Majority of millennials aren’t saving enough for retirement: Survey

Millennials are more likely to be behind on saving for retirement, according to a survey by Edward Jones Canada.

The report found about a third of millennials (66 per cent) think saving for retirement isn’t as important as other financial goals like paying off debt, buying a house or starting a family.   In comparison, only 46 per cent of generation X respondents (aged 42 to 57) shared this sentiment, along with 40 per cent of the baby boom generation (aged 58 to 67).    Petrera said a major factor that’s impacting millennials’ retirement savings is the decline of defined-benefit pensions offered by employers.   As a result, she said many Canadians in this cohort are being forced to take their savings into their own hands.   “This is a challenge, especially for millennials who are navigating multiple obstacles that impact their ability to save for their retirement,” Petrera said.    “Having a financial strategy in place that helps them overcome those obstacles to get them on track and keep them on track is so important.”    Methodology:  This data was collected from1,022 adult Canadians, 18 years of age of older. The online surveys were conducted by Pollara Insights on October 25, 2022. A representative sample of this size would be considered accurate to within ±3.1 per cent, 19 times out of 20.