(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

Hike for Hospice runs May 5th at West Stettler Park

Make sure to register before April 26th

Easter visit!

Easter Bunny makes a visit to Points West Living

OPINION: Jason Kenney won by portraying himself as the Guardian of Alberta

How did Kenney do it? He never considered himself an opposition leader and didn’t pretend to be one.

Scenes from the Stettler & District Music Festival

Don’t forget to check out the Grand Concert on April 28th

Happy Easter everyone!

Youngsters are excited for the holiday

Homeless activists outside Notre Dame demand ‘a roof too’

Wealthy people have donated millions to effort to rebuild cathedral after devastating fire

Robbery in Leduc County estimated at $40,000

Leduc RCMP investigate break and enter and theft of firearms

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

Calgary’s public school board responds to Syrian child’s suicide after bullying

Amal Alshteiwi, a newcomer to Canada from Syria, took her own life several weeks ago

Child, 11, accidentally shot in the chest at Alberta religious colony

Child taken from Hutterite colony to nearby hospital

Woman in critical condition after motorcycle crash on Edmonton highway

Police say both women were thrown from the bike, and the van continued forward, hitting a Nissan Altima

Ceremonies, vigils planned in Toronto to honour victims of deadly van attack

Many of those who helped that day — first responders and Good Samaritans alike — still affected

New study suggests oilsands greenhouse gas emissions underestimated

New study is the first to use actual field measurements taken from aerial overflights, or top-down measurements

Most Read