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If you feel it’s getting harder to save enough for retirement, you are far from alone.

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Nearly 70 per cent of Canadians believe retirement saving is more difficult than it was for their parents, and 77 per cent believe it will be harder for the generation to come, according to a recent survey from the Bank of Montreal.

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“With uncertainty around the cost of living and what retirement will look like in the future, it’s natural for Canadians to feel anxious about whether they’re saving enough,” Paul Lalonde, head of wealth planning at BMO Private Wealth Canada, said in a news release.

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“A trusted adviser can help cut through the complexity, create a clear financial plan, and help give people the confidence that they’re taking the right steps — no matter where they’re starting from.”

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Overall, millennials are the generation that most believes it is harder to save for retirement than it was for older generations, while boomers are the ones most concerned about the retirement prospects of future generations.

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It’s no question that the cost of living has made retirement saving harder.

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About 40 per cent of young Canadians are too busy paying off debts to contribute to their retirement savings, according to an August 2025 report from IG Wealth Management.

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Meanwhile, only 39 per cent of Canadians planned to contribute to their Registered Retirement Savings Plan (RRSP) in 2025, according to Edward Jones Canada.

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“Amid economic uncertainty, it’s clear that Canadians are prioritizing their current expenses and putting retirement planning on the back burner” said Julie Petrera, senior strategist of client needs at Edward Jones.

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There is some good news, however, as Royal Bank of Canada earlier this month suggested the standard $1-million rule of thumb for retirement savings may not be needed in many cases, as Canada Pension Plan and Old Age Security payments can help buoy your retirement, depending on the lifestyle you want to lead in your golden years.

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Even with the current economic challenges, the “bank of mom and dad” remains open for business. Nearly half of survey respondents plan to help their children financially, even though 83 per cent concede it will hurt their own retirement prospects.

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BMO recommends starting retirement planning as early as possible, using monthly budgets to stay disciplined, contributing securities investments to your RRSP and seeking professional advice when required.

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There are other tools available as well, including online retirement savings calculators that can help determine how much money should be budgeted toward savings in order to retire on time.

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TFSA vs. RRSP: A wealth-building series from the Financial Post

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It’s one of the most important — and sometimes confusing — savings decisions Canadians face, and the right answer depends on far more than a simple rule of thumb. This week, the Financial Post is running a series called TFSA vs. RRSP, breaking down the key questions in deciding between the two accounts, including mistakes to avoid and how to get the most bang for your buck. Check here every day for the latest in the series.