(rick/Flickr)

Canadian millennials expect to live better than parents in retirement: study

Study questions ‘unrealistic expectations’ of young Canadians

An new study released Monday shows a disconnect between millennials’ financial realities and retirement expectations.

The study, conducted by Angus Reid Institute, finds one-in-three Canadians (32 per cent) have put off saving for retirement because of their debt. Millions more – especially those under the age of 40 – have put off buying a home (18 per cent), getting married (8 per cent), having children (7 per cent) or moving out of their parents’ homes (5 per cent).

Millennial Money: Don’t let Instagram envy get you into debt

Despite relatively few young Canadians reporting job stability or having more than $25,000 saved, they seem to be looking toward retirement with surprising optimism, the study found.

Young people are more likely to view their debt as significant and – though they mostly feel this debt is manageable – more than four-in-ten Canadians ages 26-37 say they have put off saving for retirement because of it.

At the same time, on average the youngest Canadians expect to retire earlier and live better in retirement compared to their elders.

Roughly one-third of older Canadians expect to struggle to make ends meet during retirement, and anticipate relying on funds from the government or work pensions.

Meanwhile, younger Canadians are more likely to expect to use personal retirement savings to do everything they want after concluding their careers.

“How young Canadians plan to achieve this expected level of comfort in retirement is an open question,” the study said.

Overall, the study found more than three-quarters of Canadians are carrying debt.

For every dollar of disposable income, Canadians reported owing about $1.78 to creditors, for a collective total of more than $2 trillion.

The study suggests this debt is causing notable financial strain for more than four-in-ten people in the country.

Just 12 per cent of Canadians said they have an amount in the bank that meets or exceeds their personal goal.



karissa.gall@blackpress.ca

Like us on Facebook and follow us on Twitter

Just Posted

Indigenous festival co-creator looking to build traditonal Okanagan event

The inaugural Okanagan Indigenous Music and Arts Festival is July 6 and 7

Lake Country woman turns Beauty and the Beast into an opera

The performance will be on July 4. at 7:30 p.m.

Gas spill in Kelowna

Approximately 200 litres were spilled onto a parking lot off of McCurdy Road

Police seek two suspects and car after stabbing in Kelowna

The stabbing took place on Friday evening on Wilson Avenue. It sent one man to hospital.

10 facts about Father’s Day

Did you know that the special day for dads was first celebrated in 1910?

Thunderstorm leaves small fire in the Shuswap in its wake

Wildfire crews are also fighting a small fire near Kamloops

South Okanagan pharmacy restricted from dispensing opioid treatment drugs

B.C. College of Pharmacists alleges Sunrise Pharmacy dispensed treatment drugs against rules

Okanagan pitcher tosses second no-hitter of season

Vernon’s Jarod Leroux has two no-nos in his last three starts for the BCPBL’s Okanagan Athletics

B.C. VIEWS: When farmland protection doesn’t protect farmers

Secondary residences aren’t mansions, families tell Lana Popham

Summerland Health Care Auxiliary completes hospital donation pledge early

$1M contribution to medical equipment campaign completed half a year earlier than expected

Bombers down B.C. Lions 33-23 in season opener

Former Lion Andrew Harris leads Winnipeg with 148 rushing yards

Summerland ready for dry summer conditions

Province has declared Level Two drought, but Summerland has not increased watering restrictions

Summerland pioneers had connection to Middlesex, England

Harry Dunsdon and Richard Turner became cattlemen

Most Read