Looking Back and Looking Forward: The Strain of Retirement Saving in Modern Times

Many Believe Saving for Retirement Is Harder Than It Was for Their Parents: BMO A new survey from BMO (Bank of Montreal) shows a growing sense of strain among Canadians about retirement savings — with many saying today’s retirement landscape feels more challenging than it has for previous generations.

📊 Key Findings from the BMO Retirement Survey About 67 % of Canadians surveyed say it will be harder for them to save and invest for retirement than it was for their parents. Broken down by generation: 73 % of millennials feel this way, followed by 67 % of Gen X, 61 % of Gen Z and 60 % of boomers. Looking ahead, 77 % believe retirement will be harder for the generation after them, with older generations (boomers and millennials) particularly concerned. Many respondents also plan to help adult children financially, even though 83 % say this could negatively affect their own retirement plans. 🧠 What’s Behind the Concern Survey participants cited uncertainty around the cost of living, rising housing and living expenses, and questions about what retirement will look like in the coming decades — all contributing to anxiety about whether they’re saving enough.

Experts from BMO suggest that holistic financial planning, including intergenerational wealth strategies and estate planning, is increasingly part of how families think about retirement — not just saving for one’s own future, but how to support the next generation without compromising security.

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📰 Sources BMO Retirement Survey: Golden Years Losing Their Shine Canadian Press (via multiple outlets: Yahoo Finance Canada, CityNews, Advisor.ca)