BMO Survey: Majority of Canadians Say Rising Costs Negatively Affecting Retirement Plans

Executive Summary

• A BMO Retirement Survey shows 74% of Canadians say rising inflation is worsening concerns about having enough retirement savings.
• Two‑thirds (66%) report that inflation is already affecting their ability to save and invest for retirement.
• The survey reveals behavioral shifts: 31% are contributing less to retirement accounts, 27% are cutting back spending to maintain contributions, and 17% have postponed retirement savings altogether.

Key Details

• Inflation Impact: 74% say rising prices increase worries about sufficient retirement funds; 66% say inflation is already affecting their saving/investment ability.
• Monthly Cost Increases: 47% report an extra $100‑$300 per month on necessities; 34% say the increase exceeds $300 per month.
• Retirement Savings Adjustments:
• 31% are contributing less to retirement savings.
• 27% are cutting back spending to keep contributions steady.
• 17% have postponed retirement savings entirely.
• Perceived Longevity of Savings:
• 30% do not know how long their money will last.
• 22% estimate 10‑19 years, 13% estimate over 30 years.
• International Retirement Intentions: About 30% consider moving abroad; among them, 58% expect lower living costs, while 30% anticipate higher costs.
• Regional Propensity to Retire Abroad (percentage of respondents): Ontario 18%, British Columbia 16%, Saskatchewan & Manitoba 16%, Alberta 13%, Atlantic Provinces 12%, Quebec 11%.
• Quotes:
• Brent Joyce, Chief Investment Strategist, BMO Private Wealth: “Inflation is a threat to retirement savings, but it doesn’t have to derail our clients’ plans…”.
• Paul Lalonde, Head of Wealth Planning, BMO Private Wealth Canada: “Comprehensive financial and wealth planning is essential to providing clarity…”.
• Survey Methodology: Conducted by Pollara Strategic Insights with an online sample of 1,500 Canadian adults (Nov 4‑10, 2025); margin of error ±2.5% at 95% confidence; weighted by gender, age, and region.

Notable Quotes

• “Inflation is a threat to retirement savings, but it doesn’t have to derail our clients’ plans,” – Brent Joyce, Chief Investment Strategist, BMO Private Wealth.
• “Comprehensive financial and wealth planning is essential to providing clarity…,” – Paul Lalonde, Head of Wealth Planning, BMO Private Wealth Canada.