(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

What do you want to see done with Ladysmith’s old train station?

Island Corridor Foundation meets with community to discuss the future of the Railway Station

Easter Fun Day

Kids fill their baskets with treats Saturday at Fuller Lake Park

Mad scramble for Easter treats

Crofton Easter Egg Hunt brings out hordes of kids and massive bunny chases

Mandatory spaying and neutering looms for outdoor Chemainus cats

North Cowichan considers bylaw to control stray and feral cat issues

Fisheries and oceans minister spends Earth Day in Nanaimo-Ladysmith

Jonathan Wilkinson in riding to support candidate Michelle Corfield

What’s age got to do with it? B.C. couple with 45-year gap talks happy marriage

An Armstrong couple that has 45-year age gap began turning heads after being featured on show Extreme Love.

B.C. men challenge constitutionality of Canada’s secret no-fly list

Parvkar Singh Dulai says he received a “denial of boarding” notification under the no-fly program last May 17

Murder on B.C. property didn’t need to be disclosed before sale, court rules

Buyer had tried to break contract after learning a man with ties to crime had been murdered there

B.C.’s largest Vaisakhi festival target of threatening Facebook post: Surrey RCMP

Police say they are investigating the posts on Facebook, after local MLA forwarded screenshots

Pug life: B.C. town boasts waggish list of dog names

Freedom-of-information request lists most ‘pupular’ dog names registered in White Rock

VIDEO: Duncan-Nanaimo’s Funkanometry bow out of ‘World of Dance’ with ‘After Hours’ routine

Judges praised them as entertainers, and urged them to work a bit more on their dancing

VIDEO: Fish farming company launches $30-million vessel to treat salmon for sea lice in B.C. waters

Freshwater treatment an improvement but fish farms should be removed from sea, says conservationist

Singh says childhood abuse steeled him for scrutiny and stress of politics

He recounts the assaults for the first time in his book Love & Courage

Despite five extra weeks’ parental leave in Canada, dads still face stigma: survey

One reason people said dads don’t need leave is because they can just bond with their kids at weekend

Most Read