Canadians are increasingly recognizing the importance of early retirement planning, with a recent survey from CIBC revealing that the average age to start planning is now 30. This shift can be attributed to a growing awareness among younger generations about the necessity of long-term financial security. Jamie Golombek, managing director of tax and estate planning at CIBC, emphasizes that factors such as the rising cost of living, inflation, and mounting student debt are driving this trend.

The survey indicates that while Generation X Canadians typically began saving for retirement at age 30, and Boomers at age 33, younger generations are starting much earlier. Millennials are saving on average at age 29, and Generation Z is even more proactive, starting their planning by the age of 24. This early engagement in retirement savings suggests a cultural shift towards recognizing financial responsibility and planning for the future among the younger population.

Starting retirement savings early comes with significant advantages, particularly the benefit of compound growth over time, which can greatly enhance the financial returns from their investments. As Canadians navigate the challenges posed by rising living costs and economic uncertainty, this proactive approach to retirement planning may lead to more secure financial futures for the younger generations, allowing them to enjoy a comfortable retirement when the time comes.