Over 60% of Alberta millennials say they're saving less than $5,000 a year
Retirement for Alberta millennials is becoming even more of a worry, with nearly one in four believing they’ll never fully retire and more than half saying they’re saving less than $5,000 a year.
According to a report from Haventree Bank, 24 per cent of Alberta millennials don’t think they’ll ever be able to fully retire, putting the province among the highest in Canada.
āRetiring comfortably is a bigger motivator in Alberta than anywhere else, yet a significant share still doubt they’ll ever get there. It’s a province that prizes the retirement goal while carrying real anxiety about reaching it,ā the report reads.
In comparison, 23 per cent of millennials in British Columbia said the same, while the national average sits at just 18 per cent.
While Alberta millennials are among the most concerned about retirement, many say finding the money to save is part of the problem, with 59 per cent saying a lack of disposable income is their biggest barrier to saving more.
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When it comes to how much they’re actually putting away, 63 per cent of Alberta millennials save less than $5,000 a year, with 24 per cent saving less than $2,000 annually, 29 per cent putting away between $2,000 and $4,999 and 10 per cent saying they can’t save anything.
The numbers are similar when it comes to investing, with 46 per cent putting less than $5,000 toward investments annually. Another 13 per cent say they aren’t able to invest anything.
Despite the concerns, retirement remains a major financial goal for younger Albertans, with 54 per cent of Alberta millennials saying retiring comfortably is their primary reason for saving, the highest share of any province. The national average sits at 48 per cent.