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Canadians now expect to need $1.7 million to retire, up 20% from 2020, BMO survey finds

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Canadians now expect to need $1.7 million to retire, up 20% from 2020, BMO survey finds
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Canadians now expect to need $1.7 million to retire, up 20% from 2020, BMO survey finds — via financialpost

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“While the anticipated headwinds in 2023 will understandably prompt concerns about how inflation and interest rates will affect our finances, Canadians remain resilient and are taking proactive measures to protect and invest in their retirement nest egg,” said Nicole Ow, the head of retail investments at BMO.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

However, despite believing they need to save more money, only 44 per cent of Canadians are confident they will have enough to retire as planned, the study said. This figure represents a 10 per cent decrease from 2020.Article content

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