Canadians now believe they need $1.7 million in savings in order to retire, a 20 percent increase from 2020, according to a new BMO survey.
The eye-watering figure is the largest sum since BMO first started surveying Canadians about their retirement expectations 13 years ago. It’s also a drastic increase from the $1.4 million in savings Canadians expected to need for their nest eggs just two years ago.
The results reflect Canadians‘ concerns about current economic conditions, particularly inflation and higher prices, said Caroline Dabu, head of wealth distribution and advisory services for BMO Financial Group.
“If you look at the average Canadian, they’re feeling the rising inflation costs,” said Dabu….