For the majority of millennials, who are also more prone than previous age groups to defer retirement in favour of their lifestyle, this short-term approach to financial goals is a long-term strategy.
Most millennials (72%) said they would put off retiring to continue living the pre-retirement lifestyle they want. Even then, 38% of millennials said they would want to retire before they are 65.
Compared to previous generational groups, millennials are more likely to prefer being active in retirement than utilizing it as a time for rest and leisure.
Millennials are also much less interested in working for pay in retirement (22%) than Canadians who are 55 years old and above (45%). People from the younger cohort are more partial to extending money to support loved ones in need (26%), while older Canadians are more inclined to give their time (26%)
“The data points to generational shifts in values and priorities when it comes to retirement, which are impacted by many different factors such as the evolving economic environment that impacts our day-to-day lives,” said Petrera.
