TORONTO, Feb. 18, 2026 /CNW/ - According to a new CIBC poll, most Canadians plan to retire at 61 and are staying the course in their long-term financial strategies, with three quarters (76 per cent) reporting that their approach to investing has remained unchanged
The poll found that Canadians are taking a proactive approach, with younger generations starting to save for retirement earlier when compared to older generations. On average, Canadians are starting to save for retirement at age 30, with plans to retire at 61:
- Gen Z plans to retire at 59
- Millennials plan to retire at 61
- Gex X plans to retire at 61
- Boomers retired (or plan to retire) at 63
Despite starting early, only 41 per cent of Canadians express confidence in having sufficient retirement savings to maintain their desired lifestyle.
"Saving for retirement is one of the most important financial commitments that a person will make, so regardless of where you start, building a plan and regularly reviewing it can help ensure a comfortable future," said Carissa Lucreziano, Vice-President, Financial Planning and Advice, CIBC. "Leveraging the right tools, making informed budgeting choices, and regularly meeting with an advisor all help towards achieving your retirement ambitions."
Most Canadians (68 per cent) own an investment portfolio, and almost half of Canadian contributors (49 per cent) say they are directing more funds to TFSAs, compared to 32 per cent in RRSPs, while 19 per cent are splitting their contributions evenly. Those opting for TFSA contributions over RRSPs say they appreciate the tax-free withdrawal flexibility, and the ability to contribute at any life stage, including post-retirement.
Among the one-third (32 per cent) of Canadians who do not invest, the top two leading barriers are limited disposable income (63 per cent) and fear of financial loss (38 per cent).
"Personal finance isn't about getting everything right from day one, it's about progress, and investing is a good example of this," added Ms. Lucreziano. "You don't need the perfect strategy or timing to begin, what matters most is getting started and being consistent."
CIBC offers a number of tools to support clients with retirement planning and investment options including:
- Retirement and Investment Resource Hub
- Retirement Savings Calculator
- Budget Calculator
- Connecting with an advisor
Disclaimer
The findings are from an Ipsos poll conducted between January 5 and January 14, 2026, on behalf of CIBC. For this survey, a sample of 1,500 Canadians aged 18+ were interviewed online with a boost of 150 newcomers. Sample was sourced from the Ipsos panel. Weighting was employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±3.1 percentage points, 19 times out of 20, had all Canadians been polled. The credibility interval will be wider among subsets of the population. The Newcomer boost is excluded from the sample of 1,500 Canadians.
About CIBC
CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
SOURCE CIBC
For further information: Katarina Milicevic, CIBC Public Affairs, [email protected] or 416-362-3458
Share this article