Millennials save but face tight budgets

Nearly two-thirds of Canadian millennials save or invest at least once a month, though the amounts they set aside annually are often modest. Haventree Bank’s Millennial Money Report, released on Monday, surveyed 1,000 Canadians aged 30 to 45 between August 18 and 24, 2026. The results show that while regular saving has become a habit for this group, the sums involved are typically small. Even more striking, 28 percent put away less than $2,000 across both savings and investments combined.

The primary obstacle is not a lack of knowledge or self-control but cash flow.

Registered accounts remain the foundation of millennials’ long-term saving strategies. However, this preference does not translate into loyalty to a single provider. Only 57 percent keep their savings primarily with one financial institution; the rest distribute their funds across multiple banks or platforms.

Millennials’ risk tolerance varies significantly. When asked how they would allocate a hypothetical $10,000, responses were nearly evenly split: 33 percent would invest in the stock market, 32 percent would pay down debt, and 29 percent would choose guaranteed returns through GICs or high-interest savings accounts. Men were more likely to select equities (38 percent versus 28 percent of women), while women favored guaranteed returns (32 percent versus 25 percent of men).

Retirement is the primary motivation for saving among this cohort, cited by 69 percent as their main goal. However, confidence in achieving it on a traditional timeline is uneven. Just over a quarter (26 percent) expect to be financially ready to retire before age 60, and 56 percent anticipate retiring by 65. Nearly one in five (18 percent) do not believe they will ever be in a position to retire.

Skepticism around AI and financial guidance is evident. Two-thirds (66 percent) say they are skeptical of using AI for financial guidance or would never consider it. While 20 percent already use AI in some capacity for financial purposes, only three percent do so without verifying the output themselves.

Haventree’s report highlights millennials’ pragmatic approach to financial management. Forty-three percent spread their savings across multiple institutions, reflecting a focus on value and adaptability. For financial advisors, the challenge is to meet millennials where they are, offering transparency, accessibility, and products aligned with their life goals. The full Millennial Money Report is available at haventreebank.com.