If you want to know the financial net worth of the average Canadian see below. This chart is from an article by Fidelity Canada entitled, How Much do Canadians need to Save for Retirement?https://www.fidelity.ca/en/insights/articles/how-much-canadians-save-for-retirement/ Although this survey was taken in 2019 and it does not include real estate but only financial assets (minus: Tax Free Savings Accounts) this chart nonetheless provides a rough idea of the retirement savings of Canadians by age.
| Median Canadian savings by age | Under 35 years | 35 to 44 years | 45 to 54 years | 55 to 64 years | 65 years and older |
|---|---|---|---|---|---|
| Private pension assets | $29,000 | $90,000 | $231,600 | $354,500 | $237,000 |
| Registered Retirement Savings Plans (RRSPs)* | $12,500 | $30,000 | $70,000 | $100,000 | $100,000 |
| Employer-sponsored registered pension plans | $29,800 | $90,900 | $223,100 | $371,200 | $217,100 |
| Financial assets, non-pension | $7,600 | $11,100 | $14,000 | $20,300 | $30,000 |
| Net worth | $48,800 | $234,400 | $521,100 | $690,000 | $543,200 |
* Includes Registered Retirement Income Funds (RRIFs), Locked-in Retirement Accounts (LIRAs) and other plans. source: https://www150.statcan.gc.ca/t1/tbl1/en/cv.action?pid=1110001601
Note: Working with a financial advisor can help Canadians to increase their retirement savings!
