(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

PHOTOS: Easter fun around Castlegar

Photos from Castlegar’s egg hunts.

Selkirk College valedictorians set for Class of 2019 send-off

Patrick Zubick and Emma Cuell are this year’s valedictorians

Castlegar gets grant to update wildfire protection plan

The City of Castlegar has received a grant that will help reduce the risk and impact of wildfires.

Upgrades coming to Castlegar’s Emergency Operations Centre

The city received a $25,000 grant to pay for the project.

Premier Horgan talks jobs and opportunity at Castlegar mill

Upbeat visit brings message of hope and co-operation among Kootenay forestry players

VIDEO: Large dust devil swirls through town in B.C.’s interior

Residents look on as column climbs about 90 feet into the air

RCMP arrest B.C. man following threatening Vaisakhi Facebook post

Post made reference to pressure cooker bomb at massive Surrey parade

Second dump site of Dungeness crab discovered in northern B.C.

DFO confident new site related to larger April 2 dump

Northern B.C. high school student reaches 100,000 followers on YouTube

Voice actor, animator, Jericho Fortune has more than 30-million views on his channel GTAGAMER222

B.C. woman pleads for people to stop stealing daffodils meant to honour cancer victims

Cynthia Bentley honours memory of those lost to cancer by planting 100 daffodils each year

University mourns student who died in B.C. canoeing accident

Andrew Milner, 19, was in his second year with the University of Calgary’s basketball program

Canfor temporarily shutting down lumber mills across B.C.

Low lumber prices and the high cost of fibre are the cause of curtailment, according to the company

Two in critical condition, several still in hospital after Langley deck collapse

Close relative Satwant Garcha makes daily trips to visit those injured at the wedding

Allegedly intoxicated man arrested after 3 paramedics attacked at Kamloops hospital

Paramedics had transported the man to Royal Inlands Hospital for medical treatment

Most Read