Is retirement realistic for millennials? Why they say they need to save more
Global News
BMO's annual retirement survey, released Wednesday, found Canadians ages 28 to 44 believe they will need about $2.1 million to retire, the highest among all adult generations.
Millennials feel they need to save more than any other Canadian to retire, a new survey indicates.
BMO’s annual retirement survey, released Wednesday, found Canadians ages 28 to 44 believe they will need about $2.1 million to retire, the highest among all adult generations.
The online survey also found that, for a second consecutive year, Canadians overall believe they need about $1.7 million for retirement.
Higher interest rates and inflationary pressures are impacting Canadians, with 63 per cent indicating current economic conditions are negatively affecting their ability to save for retirement, it added.
“There is no one size fits all retirement plan and no universal number when it comes to how much Canadians should be saving for retirement,” said Nicole Ow, head of retail investments at BMO.
“We encourage people to start planning early and consider all the factors that will affect their ideal retirement lifestyle including family obligations, health and wellness goals, hobbies and interests, and travel plans.”
The survey added 37 per cent of Canadians are putting less money towards retirement savings, while 38 per cent of Gen Z respondents said they are putting off saving for retirement completely.
BMO’s retirement survey comes a week after Toronto Metropolitan University’s National Institute on Ageing (NIA) released a report suggesting only 35 per cent of Canadians over 50 who plan to retire indicated they were financially prepared to do so.
B.C. Conservatives' interim leader Trevor Halford says he believes the party's leadership race will unify its members and give the party a new vision.
Elections Alberta has approved the proposed referendum question, 'Do you agree that the province of Alberta should cease to be a part of Canada to become an independent state?'
Quebec's police watchdog says Nunavik officers exchanged gunshots with an individual outside a home after they were called about a person who allegedly posed a danger to others.
Calgary Sports and Entertainment Corporation said it's planning to open an experience centre in the new year for fans to get a behind-the-scenes look at Scotia Place.
Bourbon maker Jim Beam is halting production at one of its distilleries in Kentucky for at least a year as the whiskey industry navigates tariffs from the Trump administration.
The rate of flu hospitalization in Canada has nearly doubled compared to the previous week of available data, with infections now up almost 30 per cent, Health Canada data shows.
Mark Wiseman will take over as Canada's ambassador in Washington, D.C. on Feb. 15, 2026, Prime Minister Mark Carney’s office said in a statement.
Loto-Québec says the $1-million prize for a Lotto 6/49 winning ticket is still unclaimed, and time is running out.
Crosby broke Lemieux’s franchise scoring record with a goal and an assist in the first period of the Penguins’ 4-3 shootout win against the Canadiens on Sunday night.
Experts warned this saving grace for the economy is at risk in 2026 as North American trade officials prepare for a review of the Canada-U.S.-Mexico agreement, or CUSMA.
Ontario's police watchdog agency says it is investigating the circumstances of a 58-year-old woman's death in Toronto after it says she fell from a hotel balcony.
Differential pricing refers to a practice where people can be charged different prices for the same grocery product from the same store.
The Parole Board of Canada ruled Said Namouh was not ready for parole.