Canadians now expect to need $1.7 million to retire, up 20% from 2020, a BMO survey found 1

“Retirement Savings Goals on the Rise: Canadians Need to Stash Away $1.7 Million to Retire Comfortably, BMO Survey Finds”

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Canadians believe they will need to save up to $1.7 million to retire, up 20 percent from 2020, according to research released Tuesday by BMO Financial Group.

“While the expected headwinds in 2023 will understandably raise concerns about how inflation and interest rates will affect our finances, Canadians remain resilient and are taking proactive steps to protect and invest in their retirement nest egg,” said Nicole Ow, Head of Retail Investments at BMO.

According to the report, Canadians are prioritizing retirement savings as both contributions and account balances are up year-over-year.

Although they believe they need to save more money, only 44 percent of Canadians are confident they will have enough to retire as planned, the study found. That figure represents a 10 percent decrease from 2020.

According to BMO, 74 percent of respondents are concerned about how current economic conditions will affect their financial health, while 59 percent say it makes them less confident about achieving their retirement goals.

Inflation hit a four-decade high of 8.1 percent in the summer of 2022, but fell to 6.3 percent in December and is expected to ease by the end of this year, according to BMO Economics. The sharp increase in the CPI in 2022 outpaced wage increases and resulted in a significant loss of purchasing power for most families, it said.

The BMO survey, conducted by Pollara Strategic Insights, surveyed 1,500 adult Canadians online between November 4th and 7th, 2022. The margin of error for a probability sample of this size is ±2.5 percent, 19 out of 20.

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