Recent surveys highlight the growing concern among Canadian couples about their retirement savings. According to BMO’s Annual Retirement Survey, the average amount couples feel they need to retire comfortably has risen to $1.7 million, up from $1.54 million last year. This means that for each individual in a couple, the target savings would be around $850,000, a substantial amount that many find daunting. This rise is significant as it reflects the increasing cost of living and inflation, contributing to heightened anxiety about retirement security among Canadians.

The RBC survey offers a different perspective, indicating millennials believe they will require almost $1 million in personal savings ($999,000) to ensure a comfortable retirement. This reflects a broader concern among younger Canadians who are increasingly aware of the economic challenges they face, including rising prices and the possibility of social security systems being less supportive by the time they retire. The implications of these findings suggest that current economic conditions are creating a severe gap between ability and perceived needs for retirement savings.

As these concerns grow, financial planning and advice become paramount for Canadians. The surveys indicate a pressing need for awareness and education on retirement savings, as many individuals may not have a clear understanding of how to achieve their retirement goals or the necessary steps to take. Policymakers and financial institutions may need to consider initiatives that support Canadians in achieving these savings targets, including improved access to financial planning resources and education around investments and savings strategies.