(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

Penticton adventure park hosting Easter Fun Day and Egg Hunt

LocoLanding Adventure Park is hosting the ninth annual Easter Fun Day and Egg Hunt Monday.

Candidates ready for Summerland Blossom Pageant

Royalty pageant will be held at Centre Stage Theatre on May 3 and 4

Landlord of alleged Penticton shooter recounts deadly day

Tony Friesen was working in one of the units of his Penticton building when he heard shots

Summerland reservoirs expected to fill, despite low snow levels

Snow measurements at two Summerland sites have been significantly lower than normal

VIDEO: Weekend weather for the Okanagan-Shuswap

A mix of rain, clouds and sun are expected for the Okanagan, Shuswap and Similkameen

VIDEO: Alberta man creates world’s biggest caricature

Dean Foster is trying to break the world record for a radio show contest

Truck crashed and dumped near Predator Ridge

Police are looking for two men in connection with a stolen vehicle

Man seriously injured after driving wrong way down B.C. highway

Police say the driver hit a transport truck, then another car after merging from the off-ramp onto highway

Shuswap society finds pets often suffer in domestic abuse cases

SPCA, SAFE Society working together to provide shelter for pets of women fleeing abuse

Salt and Brick chef to compete in Canada’s Great Kitchen Party

Chef James Holmes will compete in the fall competition

Should B.C. lower speed limits on side roads to 30 km/h?

Vancouver city councillor wants to decrease speed limits along neighbourhood side roads

Give Canada geese at Okanagan beaches a break

LETTER: Tour busses, full of photographers, local goose guides and an annual goose festival

Lawsuit eyed over union-only raise for B.C. community care workers

‘Low-wage redress’ leaves 17,000 employees out, employers say

Foreign national arrested in connection to thefts at YVR

A woman, 60, is being held in police custody as Richmond RCMP investigate

Most Read