Canada: Millennials not saving?

According to RBC’s annual independence in retirement poll, young Canadians have similar goals to prior generations, but struggle to finance them.

Among Millennials aged 25-34, RBC found 48% wanted to own a home as a top financial priority, but only 28% were saving towards this goal.

RBCs senior director of digital strategy, Richa Hingorani, said: “TFSAs offer a great savings vehicle, but Millennials can’t overlook RRSPs, particularly as they move into their 30s”.

RBC found when Millennials were asked to choose between RRSPs and TFSAs, 48% of this demographic preferred TFSAs compared to only 30% for RRSPs, a finding reflected in RFi group's H2 2017 Priority and Retail Banking Council study, which found that 50% of customers aged 25-34 held a TFSA, compared to 35% for RRSPs.

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