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Young Canadians Saving Earlier

The younger generation of Canadians are getting the message to start saving early and build a nest egg for retirement, says a survey by Tangerine. The survey revealed that despite being in the early stages of their career or still in school, 62% of millennials (those 18 to 34) have started saving for retirement and almost half (46%) said they started before the age of 25. Millennials also appear to have their sights set high with 40% believing they will need more than $1 million saved for retirement. To meet this expectation, many millennials (63%) expect to retire over the age of 60, which is slightly more optimistic than the rest of Canadians, with 74% expecting to retire over the age of 60. Of those 38% of millennials not yet saving for retirement, many (62%) say it's because of their low salary or not having enough money and another 23% said it's because they are saving for a big ticket item like a house, a wedding, or travel.

Courtesy of Benefits and Pensions Monitor website News Alerts 

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