New research from Haventree Bank's Millennial Money Report reveals a generation committed to building financial security, even as affordability pressures make reaching long-term goals increasingly difficult. 

For years, millennials have been labelled as spenders.     Haventree Bank, in partnership with Angus Reid, asked 1,000 Canadians aged 30 to 45 how they actually handle their money, including how often and how much they save, where they keep it, who they listen to, and when they expect to be able to retire. 

Canadian millennials are proving themselves to be disciplined and intentional savers. In fact, Two-thirds (66%) of millennials are contributing to savings or investments at least monthly, including 42% who do so every paycheque. However, 8% of millennials don’t contribute at all.     Registered accounts are the foundation of how they save, with 58% holding most of their long-term savings in a TFSA or RRSP. 

The findings paint a picture of a generation that understands the importance of planning ahead. Yet despite these consistent saving habits, many millennials remain concerned about their long-term financial future, particularly when it comes to retirement. 

As our CEO, Fern Glowinsky shares:  

“Millennials are making informed financial decisions,” says our CEO Fern Glowinsky, “What’s holding them back isn’t knowledge or willpower. It’s how much is left at the end of the month.”  

Saving Is a Habit. Building Wealth Is the Challenge. 

While millennials are saving regularly, the amounts being set aside remain modest.  

62% shared that they invest less than $10,000 annually, while 69% save less than $10,000 per year. An additional 15% say they are currently unable to invest, and 10% cannot put money aside for savings at all. 

Here’s how much millennials put away each year: 

When asked what holds back their savings, 55% of millennials named a lack of disposable income, and 16% named debt. 

Saving looks different for men and women, both in how often they do it and in how much they set aside. Men are more likely to put money away every paycheque (46%, compared with 38% of women). The gap is larger when it comes to actual amounts saved. A quarter of men (25%) save $10,000 or more a year, compared with 19% of women 

The difference is wider for investing, where 29% of men invest $10,000 or more, compared with 18% of women. At the other end, 19% of women say they can’t invest at all, nearly double the share of men (10%). 

As the next section shows, the main thing limiting how much millennials put away isn’t how often they save. It’s how much they have left to save. 

Retirement Remains the North Star 

Despite these challenges, retirement remains the main reason millennials save 

Nearly seven in ten respondents (69%) say their primary reason for saving is to retire comfortably or achieve financial independence before traditional retirement age. Six in 10 describe themselves as saving steadily or aggressively toward retirement. 

However, confidence about achieving retirement goals is much lower. When it comes to expectations, millennials are more cautious. Here’s when they expect to be financially ready to retire:

Older millennials are less likely to be aiming for early retirement. Among those aged 30 to 34, 27% say reaching financial independence before traditional retirement age is their main reason for saving, compared with 17% of those aged 40 to 45. 

 They also expect to be ready later: 20% of those aged 40 to 45 expect to be financially ready to retire after 65, compared with 12% of those aged 30 to 34. 

 And they’re more likely to be focused on covering their costs. When asked to describe their approach to work and money, 27% of those aged 40 to 45 said they’re just trying to cover their costs and long-term planning isn’t realistic right now, compared with 19% of those aged 30 to 34.

Women are also more likely than men to expect to be ready to retire after 65 (20%, compared with 15%). 

The results suggest that millennials are not lacking motivation. Rather, many are grappling with a gap between their aspirations and what current financial realities will allow.

Affordability Is the Biggest Obstacle 

When asked what's holding them back from saving more, millennials delivered a clear answer. 

More than half (55%) cited a lack of disposable income as their biggest barrier to building savings. 

That figure dwarfs other commonly discussed obstacles, including:  

Limited financial knowledge or confidence ranked well behind money overall, but it mattered far more to women than to men. 11% of women named it as their biggest barrier to saving more, compared with 5% of men. 

A separate question points the same way. When asked to describe their overall approach to work and money, a quarter of millennials (25%) chose “I’m just trying to cover my costs; long-term planning isn’t realistic right now.” Women were more likely than men to say so (28% of women, compared with 22% of men). 

For most millennials, the barrier isn’t a lack of knowledge or a fear of losing money. It’s finding extra dollars after managing current expenses. 

Canadians Prioritize Registered Savings

Encouragingly, millennials appear to be making use of some of Canada's most valuable savings tools.

The rest of the picture is smaller. 11% of millennials keep most of their long-term savings in a savings account, and 7% have no long-term savings at all. 

Men and women are equally likely to keep most of their long-term savings in a TFSA or RRSP (58% each). Where they differ is in the other places they hold it. 

Men are more likely to keep most of their long-term savings in stocks, ETFs or mutual funds (21% of men, compared with 14% of women). Women are more likely to keep most of theirs in a savings account, whether traditional or high-interest (14% of women, compared with 8% of men). 

Using registered accounts doesn’t mean sticking with one bank. 57% of millennials keep their savings with one primary financial institution, while 43% spread them across more than one. Men are more likely to spread their savings around. 46% of men keep money at more than one institution, compared with 40% of women. 

Millennials Want Growth, But Not At Any Cost 

Millennials don’t share a single approach to risk. When asked what matters most when setting money aside, the most common answer was growing it as much as possible, even with some risk (29%).  

Other priorities include:

The same balance shows up when real money is on the table. Given a hypothetical $10,000, millennials split almost evenly between investing it in the stock market (33%), paying down debt (32%) and choosing a guaranteed return through a GIC or savings account (29%). Only 6% would spend any of it. 

Men and women tend to land in different places in their savings and investing strategies. Millennial men in the survey are more drawn to growth; 36% of men put growing their money first, compared with 22% of women, and 38% of men would put the $10,000 in the stock market, compared with 28% of women.     Millennial women in the survey were more drawn to security. 24% of women say safety and protection matter most, compared with 15% of men, and 32% of women would choose a guaranteed return, compared with 25% of men. 

Millennials Trust Their Own Research Over AI  

Millennials are largely self-directed when it comes to money. When asked what influences their financial decisions most, 42% named their own research and self-education, ahead of financial advisors (22%) and friends and family (16%). Social media and influencers ranked near the bottom, at 2%. 

​​​Where men and women look for guidance differs. Men lean more on their own research (48%, compared with 36% of women), while women are more likely to turn to friends and family (22%, compared with 11% of men).​​ 

​​That self-reliance extends to AI:​ 

What This ​Data ​Means for Financial Institutions 

​​The data r​eveals a generation that is financially engaged, future-focused, and committed to building security wherever possible. 

However, they also highlight an important opportunity. Millennials don't necessarily need to be convinced to save. They need solutions that help maximize every dollar they can set aside. 

Products that provide competitive returns, flexibility, and simplicity may play an increasingly important role as Canadians work toward retirement goals amid ongoing affordability challenges. 

The good news? Millennials have already built the habit. The next challenge is helping those savings go further. 

Methodology: Haventree Bank surveyed 1,000 Canadian millennials aged 30-45 through the Angus Reid Forum between August 18 and August 24, 2026. For comparison purposes only, a probability sample of this size would carry a margin of error of ±3.1 percentage points, 19 times out of 20.