Millennials Lead Growing Concern Over Retirement Readiness
Survey Highlights Widespread Anxiety
A new BMO survey shows that many Canadians worry about their ability to retire comfortably, with millennials expressing the strongest concerns.
More than 70 per cent of millennials said they believe retiring will be harder for them than it was for their parents. While anxiety spans all age groups, the survey found that millennials feel the pressure most acutely.
Fears Shared Across Generations
Overall, 67 per cent of respondents said retirement planning will be more difficult compared with earlier generations.
Gen X followed closely behind millennials, with 68 per cent saying they expect greater challenges in preparing for retirement. Meanwhile, concern remained high among Gen Z (61 per cent) and baby boomers (60 per cent), suggesting that uncertainty affects Canadians at every life stage.
Setting a Realistic Retirement Target
Despite these worries, financial experts say planning remains possible. Laura Whiteland, a financial planner, advises Canadians to start by reviewing their current living expenses.
She suggests estimating retirement needs at about 70 per cent of today’s spending, as many costs typically decline after leaving the workforce. This approach can help individuals set clearer and more achievable savings goals.
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