As many as seven in 10 Canadian millennials are not currently saving enough for retirement, survey says
Most Canadian millennials (66%) were found to believe that long-term savings aren’t as important as paying off debts, purchasing homes, or starting families, according to a recent survey by Edward Jones Canada.
More than half (52%) of the poll’s respondents also indicated a belief that the ever-greater cost-of-living is the most significant challenge affecting their ability to save for retirement.
The survey found that an alarming 70% of Canadians in the 26-41 age range are currently not saving enough for retirement, while 27% are unable to afford to do so in the first place. Other major roadblocks to saving were debt obligations (21%), employment situations (13%), and lifestyles (9%).
Read more: Affordability challenges show little sign of easing, says banking giant
“The data points to generational shifts in values and priorities when it comes to retirement, which are impacted by many different factors such as the evolving economic environment that impacts our day-to-day lives,” said Julie Petrera, senior strategist of client needs at Edward Jones Canada.
Petrera added that the steady decline in Canadian employers’ defined-benefit pensions is playing a major role in this shift.
“This is a challenge, especially for millennials who are navigating multiple obstacles that impact their ability to save for their retirement,” Petrera said.
