A recent survey conducted by BMO indicates that Canadians feel they need an average of $1.7 million to retire comfortably, which is a notable increase from the previous year's estimate of $1.54 million. This jump of $160,000 highlights the shifting financial landscape in Canada, where many are facing rising living costs and other economic pressures, thereby forcing them to reassess their retirement savings goals.

The survey, which polled 1,500 Canadians from November 4 to November 10, 2025, reveals that the highest retirement target is reported in British Columbia at $2.2 million, while the lowest is found in Atlantic Canada, where respondents believe they can retire comfortably with $928,000. Such regional variations reflect differing economic conditions and living expenses across the country, emphasizing the need for tailored financial planning and advice based on local circumstances.

Despite the increased target for retirement savings, confidence in actually achieving these savings is waning; 36% of those surveyed expressed doubts about reaching their financial goals, a rise from 29% in the previous year. This decline in confidence highlights a broader issue of economic anxiety among Canadians, suggesting that many feel ill-prepared as they approach retirement age, potentially leading to increased financial strain and insecurity for those relying on their savings to support them in later life.