Canadian millennials are falling behind in their retirement savings, according to a new poll by Edward Jones Canada.
The investment firm found that 70% of Canadians aged 26 to 41 are not saving enough for their retirement, while 27% aren’t saving any money for their future.
Over half of Canadians (52%) in the Millennial generation say the high cost of living is the biggest issue that’s preventing them from saving for retirement.
Millennials also cited debt (21%), their employment situation (13%), and lifestyle (9%) as other factors preventing them from saving money.
The poll also found about two-thirds of Millennials (66%) think saving for retirement isn’t as important as other financial goals such as paying off debt and buying a house.
Among other generations, only 46% of Generation X respondents (aged 42 to 57) shared the view that saving for retirement isn’t as important as other financial goals, along with 40% of the Baby Boom generation (people aged 58 to 67).
The online survey polled 1,022 Canadian adults, aged 18 and older, on October 25 of this year
