Why millennials aren’t saving more for retirement

While 57% of clients under age 34 would ideally like to retire by the time they turn 60, only 27% think that’s realistic, with 70% expecting to have to work well into their old age, finds a TD survey.

The survey also finds that 78% of millennials aren’t saving for retirement because they don’t earn enough.

Read: Canadians struggle to afford kids, property

You can help young clients out by advising them to take full advantage of employer contribution-matching programs, and setting up automatic withdrawals from their accounts.

To learn more about how young investors think about money, read our interview with a 23-year-old investor.

My generation has different consumption habits from previous generations. Because some of us don’t have the stable, long-term jobs that support large mortgage and car payments, we’ve helped feed the condo craze, as well as services like car sharing.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.