- Two thirds (67%) believe saving for retirement is harder for them than it was for their parents.
- 77% worry saving for retirement will be harder for the next generation
- Nearly half (49%) plan to help their adult children financially, even though most say it will negatively affect their retirement plans
TORONTO, Feb. 2, 2026 /CNW/ - Canadians are bracing for a more challenging retirement according to the latest BMO Retirement Survey. The findings reveal increasing concern among Canadians regarding the future of retirement, not only for themselves, but also for future generations. Despite these concerns, many Canadians are committed to supporting their children financially - even if it means sacrificing their own retirement security.
The Retirement Gap: Canadians Say Their Parents Had It Easier
Saving for retirement has always been a challenge, but Canadians believe it's getting harder. According to the survey, roughly two thirds (67%) say it will be more difficult for them to save and invest for retirement than it was for their parents. Millennials (73%) are the most likely to believe retirement planning will be more difficult than it was for their parents followed by Gen X (67%), Gen Z (61%) and Boomers (60%).
Anxiety About Future Generations' Retirement Prospects
Canadians are also increasingly concerned about the retirement outlook for future generations. 77% believe retirement will be harder for the generation after them with Boomers (82%) feeling the most concerned about the retirement prospects of future generations followed by Millennials (78%), Gen X (75%) and Gen Z (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, BMO Private Wealth Canada. "A trusted advisor can help cut through the complexity, create a clear financial plan, and help give people the confidence that they're taking the right steps - no matter where they're starting from."
Supporting the Next Generation Isn't Cheap
Among the half (49%) of respondents that plan to help their adult children financially, 83% indicate they understand this support will negatively affect their own retirement plans. This mindset of feeling the need to help the next generation is stronger among younger generations, with 68% of Gen Z saying they planning to provide financial support to their children followed by Millennials (58%), Gen X (42%), and Boomers (38%).
"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, Estate and Trust Services, BMO Private Wealth. "Intergenerational wealth transfers have become a critical part of financial planning. A well-structured holistic strategy often includes estate planning, which can help parents support their children without compromising their own retirement security."
From Advice to Action: Why Canadians Value Their Advisors
When it comes to working with a financial professional, the vast majority of Canadians are satisfied with the advice they receive from their advisor. Nearly nine-in-ten (89%) investors say their advisor helps them meet their financial goals, with 44% strongly agreeing.
"BMO Private Wealth is also leveraging advance AI-driven insights to help all of our client facing professionals deliver more personalized, proactive guidance. By combining human expertise with intelligent technology, we can better anticipate client needs and support long-term planning with greater confidence," said Craig Meeds, Head, Wealth Advice Canada, BMO Private Wealth.
Helpful Retirement Tips
For Canadians planning for retirement and looking to maximize RRSP savings, BMO offers these tips:
- Start planning early: Define retirement objectives and long-term financial goals to determine the right investment and savings strategies.
- Practice discipline: Manage spending, review budgets, and treat savings as a regular expense. Use monthly budgets to adjust contributions as needed.
- Contribute securities to an RRSP: Contributions don't have to be in cash--qualified securities can be transferred "in-kind" to an RRSP.
- Seek professional advice: Advisors have the expertise to monitor portfolios and recommend strategies tailored to financial circumstances, risk tolerance, and long-term goals.
For more on RRSP Savings Tips and Strategies, click here.
Study Methodology
This study was conducted by Pollara Strategic Insights with an online sample of 1,500 adult Canadians between November 4th and 10th, 2025. Results from a random sample of this size can be considered accurate to within ±2.5 per cent, 19 times out of 20. Results have been weighted by gender, age, and region, using the latest census data, to be representative of the Canadian population.
Disclaimers
This message is for information purposes. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual's investment objectives, risk tolerance and professional advice should be obtained with respect to any circumstance.
"BMO (M-bar roundel symbol)" is a registered trademark of Bank of Montreal, used under licence.
About BMO Financial Group
BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.5 trillion as of October 31, 2025. Serving clients for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to approximately 13 million clients across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and stronger communities.
SOURCE BMO Financial Group

Media Contact: Aaron Sobeski, Toronto, [email protected], (416) 867-3996
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