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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
And making those savings goals hasn\u2019t 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\u2019ll never pay off debts.<\/p>\n
Less than half (48%) of Millennials have a financial plan. Of those who do, one-third said it was \u201cin their head\u201d rather than formally documented.<\/p>\n
The BMO survey was conducted by Pollara Strategic Insights with an online sample of 1,500 adult Canadians between Nov. 4 and 10, 2025.<\/p>\n
The RBC poll was conducted online by Ipsos with 2,000 Canadian adults between Nov. 5 to 17, 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"In 2025, those in Atlantic provinces believed they needed the least, being content with $900,000, while those in…\n","protected":false},"author":2,"featured_media":301407,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,111,139,69,244,245],"class_list":["post-301406","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-new-zealand","tag-newzealand","tag-nz","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/301406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=301406"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/301406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/301407"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=301406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=301406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=301406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}