High hopes

Young Canadians have high hopes for retirement but nearly one-third haven’t saved a dime, according to a new BMO report.

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Young adults

  • Young Canadians have high hopes for retirement but nearly one-third haven’t saved a dime, according to a new BMO report. More than 40% of adults 18-34 hope to retire by age 60 and yet 27% have not started to save for it. On a positive note, the vast majority of young people think retirement planning is important. More than half of young adults have made contributions to a personal RRSP (52%) and 36% have a TFSA or other non-registered savings account. Check out Canadian Business Editor Duncan Hood on BT for more tips on how to Retire Early!
  • Lunch at Tim Hortons may costs you a little more starting in August. Price hikes between 10¢ and 20¢ are expected on sandwiches and other items excluding coffee, Credit Suisse analyst David Hartley said, according to a Financial Post story.
  • The Frugal Zeitgeist says shaving with old-fashion safety razors is cheaper and more environmentally friendly than using pricey drug store disposable razors. Guys like James Dean and Marlo Brando did it “and they never had a problem looking great,” he says.  Can’t argue with that logic. Read the full blog post here.

4 comments on “High hopes

  1. Thanks for the link to my razor post. I really think the need for disposable, expensive, razors was a created need and seriously we don't need anything more than a decent safety razor and a little practise. Cut throat razors well cared for are even cheaper if they don't scare you like they do me!!!!

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  2. I really hate to sound cynical, but young people today have no chance of retiring – no job, no savings = no retirement. Moreover, those that do have incomes spend it like money is falling from the sky. It's no wonder why so many young people are getting themselves into so much debt and arefiling for personal bankruptcy in Canada.

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  3. How do you get only 27% of young adults have saved for retirement if 52% have RRSPs? Are RRSPs not counted as retirement savings?

    Reply

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