How Canadians are managing their money
These numbers highlight some of the financial challenges Canadians face today. Explore insights and what the data mean for programs, policies, and people.
Opens in new tabFinancial Consumer Agency of Canada (FCAC)
Data storySaving early for retirement readiness
What the Canadian Financial Capability Survey tells us:
In 2024, 49% of Canadians1 who are not yet retired were preparing for retirement, either independently or through an employer pension plan. This marks a significant drop from 69% in 2019.2
Canada’s population is aging rapidly. By 2030, 23.4% of Canadians are expected to be 65 or older, up from 19% in 2023.3 Since people live longer, planning for retirement early and effectively is more important than ever. However, long-term financial planning is not always easy.
Over the past few years, Canadians have lived through economic uncertainty and a rising cost of living. The Canadian Financial Capability Survey (CFCS) shows that, in light of these difficulties, many Canadians have faced challenges in planning and preparing for their future, including for their retirement.
According to the CFCS:
41% of retirees say that their current financial standard of living is lower than they had anticipated prior to retiring.
About one-fifth (17%) of non-retirees believe they will need to keep working or rely on income from a business or rental property in retirement, though only 3% of current retirees actually do.
Canadians use a variety of strategies to save for retirement, including:
government or work pension plans
Registered Retirement Savings Plans (RRSPs)
Registered Retirement Income Funds (RRIFs)
Tax Free Savings Accounts (TFSAs)
businesses, property or investment income
inheritance or proceeds from selling a home
In 2024, women, newcomers to Canada, youth, Indigenous peoples, people with lower incomes or education and people with disabilities were less likely to be preparing financially for retirement.4
31%
of non-retirees in 2024 felt confident about their expected retirement income, down from 55% in 2019.
Take action
The Opens in new tab. Canadian Retirement Income Calculator helps Canadians estimate how much money they might have in retirement.
32%
of non-retirees had a good understanding of how much they needed to save for retirement, down from 47% in 2019.
55%
of retirees said their financial situation was as good or better than expected, down from 77% in 2019.
Taking action to prepare for retirement
Use and share these trusted, unbiased Government of Canada resources in your work, and with your community and networks.
Assess your retirement readiness
Use these tools to understand your current situation and plan ahead:
Planning and saving for retirement explains how to start saving money early to meet your financial goals
Retirement-ready quiz is a quick, 3-minute quiz designed to create a personalized checklist of tasks to consider before retirement, when applying for benefits, and while receiving benefits
Explore retirement offers a comprehensive guide to retirement planning, including using the Canadian Retirement Income Calculator and, if you qualify, the Old Age Security Benefits Estimator, to calculate how much money you will have when you retire
Thinking about your future? Plan now to age in place provides a checklist and planning guide to help you prepare for continuing to live safely and independently in your own home as you grow older
Learn about the Canada Pension Plan and Old Age Security program
Understand how government programs can support your retirement:
The Canada Pension Plan retirement pension and Old Age Security program provide seniors with a basic monthly income during retirement, which can be supplemented by personal savings or other income to meet their financial needs
Set a retirement savings goal
Use free tools to create a budget and track your progress:
FCAC’s Budget Planner is a free interactive tool that helps you create a personalized budget and stay on track with your financial goals
FCAC’s free Financial Goal Calculator helps you calculate how to reach your savings goal
Talk about retirement planning
Discuss your retirement plans with trusted sources to find strategies that work for you:
Talk about retirement planning with trusted sources, such as family, a financial advisor or a financial institution, to gain more insight and explore strategies that fit your goals and lifestyle
About the data
Where the data come from
Everything in this tool is based on real responses from people across Canada. The data:
- come from the Canadian Financial Capability Survey (CFCS)
- were collected by the Financial Consumer Agency of Canada (FCAC)
- cover topics like budgeting, saving, debt, and long-term planning
- are used to understand how people manage money and where support is needed
More data stories and insights
Read more data stories about the financial challenges and commitments Canadians face today.
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Footnotes
- "Canadians" in this context means people who live in Canada, even if they are not citizens.
Statistical testing confirmed that the difference between the 2024 and the 2019 data was significant, with a p value below 0.05 (that is, the difference in percentages is unlikely to be due to chance or random factors).
See Statistics Canada. (2024-09-23). The older people are all right. Canada.ca. https://www.statcan.gc.ca/o1/en/plus/7059-older-people-are-all-right
Statistical testing confirmed that the difference for these groups was significant, with a p‑value below 0.05 (that is, the difference in percentages is unlikely to be due to chance or random factors).
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