HomeWealth ManagementSurvey finds most millennials falling behind in retirement financial savings

Survey finds most millennials falling behind in retirement financial savings


For almost all of millennials, who’re additionally extra inclined than earlier age teams to defer retirement in favour of their life-style, this short-term strategy to monetary targets is a long-term technique.

Most millennials (72%) mentioned they might delay retiring to proceed residing the pre-retirement life-style they need. Even then, 38% of millennials mentioned they might need to retire earlier than they’re 65.

In comparison with earlier generational teams, millennials usually tend to want being lively in retirement than using it as a time for relaxation and leisure.

Millennials are additionally a lot much less enthusiastic about working for pay in retirement (22%) than Canadians who’re 55 years outdated and above (45%). Folks from the youthful cohort are extra keen on extending cash to help family members in want (26%), whereas older Canadians are extra inclined to present their time (26%)

“The information factors to generational shifts in values and priorities in the case of retirement, that are impacted by many alternative elements such because the evolving financial atmosphere that impacts our day-to-day lives,” mentioned Petrera.

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