In 2025, those in Atlantic provinces believed they needed the least, being content with $900,000, while those in B.C. believed they needed the most, with $2.2 million. Ontarians and Quebecers said they would need $1.9 million and $1.2 million, respectively.
While Canadians have big retirement goals, just one-fifth (21%) are saving more than 10% of their income for retirement, with two-thirds saving 10% or less. In dollar terms, one in ten are saving less than $100 and 12% are saving $1,000 or more monthly.
For Millennials (those born between 1981 and 1996), 57% said they had little or no money left over after they pay monthly bills, according to a separate RBC survey.
Just over half (52%) of Millennials said retiring comfortably was a financial goal and 41% wanted financial independence. They reckoned $1 million will set them up for financial independence, but have only saved $126,000 so far, on average.
And making those savings goals hasn’t been easy or systematic. More than two-fifths (45%) of Millennials said they dipped into savings to stay afloat in 2025 and 40% said they’ll never pay off debts.
Less than half (48%) of Millennials have a financial plan. Of those who do, one-third said it was “in their head” rather than formally documented.
The BMO survey was conducted by Pollara Strategic Insights with an online sample of 1,500 adult Canadians between Nov. 4 and 10, 2025.
The RBC poll was conducted online by Ipsos with 2,000 Canadian adults between Nov. 5 to 17, 2025.