One-third of young Canadians have no retirement savings

David  August 1, 2012

By Roma Luciw
The Globe and Mail

Nearly a third of young Canadians have not started saving for retirement, although a quarter of them want to leave the work force early.

A poll released Wednesday by the Bank of Montreal found that 27 per cent of young adults, defined as those between the ages of 18 and 34, say they have not started saving for retirement. Furthermore, only 10 per cent have “thought a lot” about how much money they will need to have stashed away for their golden years although one-quarter of them expect to retire early.

The news wasn’t all bad. More than half of those polled by BMO – 52 per cent – own a registered retirement savings plan and just over a third, or 36 per cent, have a tax-free savings account. And a vast majority – 82 per cent – believe retirement planning is important.

Continue reading…

mm
Get the latest from Abacus Data in your inbox