Despite economic challenges, Canadians are displaying resolute optimism when it comes to hitting major life goals — including retirement, travel and homeownership.
A new survey by FP Canada found that 68% of respondents believe they’ll be able to afford key life milestones. Of those surveyed, 50% said retirement (either full or semi-retirement) is the milestone they’re actively saving for, followed by travel at 42% and homeownership at 19%. Younger adults (aged 18–34) place slightly different priorities on their lists: travel (43%) and home-buying (38%) beat retirement (34%) for them.
"Everyone has unique aspirations, and at different life stages, our priorities change”, Laura Bishop, a QAFP® professional at IG Wealth Management in Winnipeg, said in a statement. "Overall, Canadians are showing confidence in saving for their life goals, and are exploring a variety of avenues to fund their future milestones."
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Milestones delayed, but savings backing still moderate
Despite the confident headline figure, the survey also reveals that 51% of Canadians are postponing at least a major life event for financial reasons. The top hindrances reported were not having enough left after covering essential expenses (41%), economic uncertainty (35%) and servicing debt (31%).
Middle-aged Canadians (35–54) were the most likely to say they’re delaying goals — 48% cited insufficient leftover funds, while 37% pointed to debt. Among those aged 55 and older, 40% said economic uncertainty was the main barrier. Interestingly, the younger cohort (18–34) were more likely to consider using a loan (12%) to help fund a milestone (versus 5% of those over 35).
The broader outlook for Canadian households paints a cautious picture. A recent quarter-end survey from the Bank of Canada (1) found that trade tension and global uncertainty continue to weigh on spending plans and personal finances. The Bank’s Canadian Survey of Consumer Expectations showed the general public remains cautious about labour-market strength, with many respondents expressing concern that trade policies could still increase inflationary pressures.
Read more: Here are 5 expenses that Canadians (almost) always overpay for — and very quickly regret. How many are hurting you?
Financial advice adds greater confidence
One clear takeaway from the FP Canada survey is that working with a financial-planning professional can make a measurable difference. Canadians who engaged with a CFP® or QAFP® professional reported a 79% confidence rate in affording their milestones — compared to 59% among those who didn’t.
This aligns with survey findings that illustrate how younger Canadians increasingly value flexibility and modern goals. For example, while 35% of Canadians overall are saving for a traditional full retirement, 26% are saving for a semi-retirement scenario (working less). Among 18–34-year-olds, the split was almost even (20% full vs. 21% semi-retirement), indicating a clear shift from classic retirement models.
Either way, experts recommend starting with clear, concrete goals and knowing which milestones matter most and when you want to reach them.
From there, running a quick “buffer test” can help determine whether you have enough liquid savings to cover three to six months of essential expenses. Finally, even a single session with a licensed financial planner can go a long way toward boosting confidence and creating a clear, actionable plan for the future.
"It’s undeniable that Canadians are facing a moment of great economic uncertainty. However, the high levels of confidence in being able to achieve what matters most in their lives, especially among those who work with a financial professional, is encouraging," Tashia Batstone, president and CEO at FP Canada, said in the release.
As Canadians navigate a landscape of higher costs, stretched budgets and shifting career norms, there is still a signal of hope shining through the noise, that with the right planning and support, key financial goals are nevertheless within reach.
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Bank of Canada (1); Canadian Transportation Agency (2);
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.