Posthaste: Canadians' new retirement savings goal of $1.7 million looks increasingly unattainable, BMO survey finds
financialpost.com/news/canadians-retirement-savings-goal-rises
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Rising Retirement Savings Expectations in CanadaBMO survey finds Canadians now aim for $1.7M on average, up 26% since 2019, with many doubting they’ll reach this target.
Key FactsFeb 26, 2026 · Reading time: ~45 sec.
Summary created with AI assistance · Source: financialpost.com
Summary created with AI assistance · Source: financialpost.com
- A Bank of Montreal survey reveals Canadians now estimate needing $1.7 million to retire comfortably, marking a 26% rise since 2019.
- Savings goals vary by region, with British Columbians targeting $2.2 million, while Atlantic provinces expect just $928,000.
- The proportion of Canadians doubtful about meeting their savings goal increased to 36% from 29% in 2024.
- Many save less than the recommended 10% of income, and a growing number plan to continue working during retirement.
The findings indicate growing uncertainty about the future as rising costs and economic concerns challenge long-term financial planning goals.— Bank of Montreal (BMO) said about the study of 1,500 adults conducted late last year and released on Tuesday.
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Canadians believe they need $1.7 million to retire, up from $1.54 million last year: BMO survey
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Posthaste: Canadians' new retirement savings goal of $1.7 million looks increasingly unattainable, BMO survey finds
financialpost.com/news/canadians-retirement-savings-goal-rises
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