Young Canadians Concerned About Retirement Savings
TORONTO — A recent survey indicates that many young Canadians think their parents will struggle more to save for retirement compared to previous generations.
A report from BMO published on Monday reveals that 73% of Millennials believe retirement planning will be more challenging than it was for their parents. Following them, 67% of Gen X, 61% of Gen Z, and 60% of Boomers share similar concerns.
In fact, the Retirement Report highlights that 77% of respondents think the next generation will face even greater difficulties in preparing for retirement.
Among these groups, Baby Boomers seem the most worried about future retirement prospects, with 82% expressing concern. On the other hand, Gen Z appears less anxious, with 67% indicating worry.
“With so much uncertainty surrounding living expenses and future retirement plans, it’s no surprise Canadians are concerned about their savings,” noted Paul Lalonde, the head of wealth planning at BMO Private Wealth Canada.
Despite ongoing affordability issues, many Canadians are still keen on helping the younger generation.
Almost half of those surveyed stated they plan to provide financial support to their adult children. However, a significant 83% acknowledged that doing so might negatively impact their own retirement plans.
The survey’s findings showed that the urge to assist younger family members was particularly strong among Gen Z respondents.
“More families are considering their retirement and how to pass on their wealth,” commented Lydia Potnick, vice president and regional director of real estate and trust services at BMO Private Wealth, in a news release.
She added that intergenerational wealth transfers are increasingly becoming a vital component of financial planning. A well-structured strategy often includes estate planning, enabling parents to support their children while still safeguarding their own retirement security.
This report draws from an online survey of 1,500 adult Canadians conducted by Pollara Strategic Insights between November 4 and 10, 2025.
The Canadian Research Insights Council, a professional body for the polling sector, notes that online surveys lack a margin of error since they don’t randomly sample the population.
