Average savings by age group
Understanding investors’ savings habits by age group is essential for better planning your investments and assessing where you stand compared to the national average. Here’s an overview of the average savings amounts in Canada, broken down into three major age categories.
Why is this information important?
Comparing your situation to the national average allows you to:
- Better assess your financial progress
- Adjust your savings and investment strategies
- Plan your financial future more effectively
Remember: these figures represent averages and may vary depending on region, income level, and lifestyle.
Young adults are just beginning to build their savings. Between education, early careers, and first major expenses (housing, car, etc.), their ability to save remains limited—but it grows quickly over time.
- Average savings: approximately $10,000 to $18,000
- Typical profile: high-interest savings accounts, TFSAs, early investments
- Tip: Prioritize automatic savings and paying off high-interest debt
This age group is typically when income increases, allowing for more substantial savings despite family responsibilities and financial commitments (mortgage, children, etc.).
- Average savings: approximately $45,000 to $100,000
- Typical profile: diversified holdings across TFSAs, RRSPs, stock market investments, and retirement savings
- Tip: Maximize RRSP contributions to reduce taxes and accelerate capital growth
As retirement approaches, the goal is to consolidate assets and optimize investments to ensure long-term income stability.
- Average savings: approximately $120,000 to $450,000 (or more)
- Typical profile: well-structured portfolio, investment income, decumulation strategies in preparation
- Tip: Regularly review your retirement plan, adjust risk levels, and consider strategic RRSP/TFSA withdrawals
What we can do for you
- Get a financial plan
- Review your current situation
- Access tools to track your progress
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