Many young Canadians believe they will have a harder time than their parents saving up for their golden years, according to a new survey.
A report by BMO published on Monday showed 73% of millennials surveyed believe retirement planning will be more difficult than it was for their parents, followed by Generation X at 67%, Generation Z at 61% and boomers at 60%.
Meanwhile, 77% believe retirement will be harder for the generation after them, the retirement report found.
Boomers seemed to be most concerned about the retirement prospects for future generations, at 82%, while Gen Z were the least concerned, at 67%.
“With uncertainty around the cost of living and what retirement will look like in the future, it’s natural for Canadians to feel anxious about whether they’re saving enough,” said Paul Lalonde, head of wealth planning at BMO Private Wealth Canada, in a statement.
Even as affordability concerns remain elevated, many Canadians say they plan on helping the next generation.
Almost half of the respondents said they plan to help their adult children financially; however, 83% of them say this could affect their retirement plans negatively.
The intention to help the next generation was strongest among Gen Z respondents, the survey found.
“We are seeing more families thinking beyond their own retirement and planning for how wealth will be passed to the next generation,” said Lydia Potocnik, vice-president and regional director of estate and trust services at BMO Private Wealth, in a news release.
She said intergenerational wealth transfers have become a critical part of financial planning and a well-structured, holistic strategy often includes estate planning, which can help parents support their children without compromising their own retirement security.
The report was based on an online sample of 1,500 adult Canadians conducted by Pollara Strategic Insights between Nov. 4 and 10, 2025.
The polling industry’s professional body, the Canadian Research Insights Council, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.