Millennial and Generation Z Canadians are the most nervous about their ability to save and invest right now, the survey found
CALGARY — Canadians now believe they need $1.7 million in savings in order to retire, a 20 per cent increase from 2020, according to a new BMO survey.
Canada's annual inflation rate hit a four-decade high of 8.1 per cent in the summer of 2022 and has since fallen to 6.3 per cent as of December 2022. BMO Economics expects the country's CPI to decline to around three per cent by the end of the year. "Certainly when we’re working with clients, we find that many overestimate the number that they need to retire," she said.
"In the survey, we note that 53 per cent of Canadians didn't know how much they will need to retire," Dabu said.
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