Average Savings by Age in Canada: How do You Compare?

Most Canadians think they’re doing okay with savings — but the data tells a very different story.
I went deep into the StatsCan numbers, and what I found surprised me.

Today, I’ll show you exactly how much Canadians have saved by age — from your 20s to retirement, and how you can use this data to improve your own personal finances.

📊 WHY SHOULD YOU CARE WHAT OTHER CANADIANS HAVE SAVED?
Let me ask you: if you wanted to lose weight, what’s the first thing you’d do?
You’d step on a scale.
But most people treat their finances like they’re dieting… without ever checking their weight.
This stats in this article is that financial scale.

And once you see where you stand, one of two things will happen:
👉 You might realize you’re behind — and that’s not shame, it’s clarity. A wake-up call.
👉 Or you might see you’re ahead — and finally feel some peace of mind in all the noise.

I make these blog posts because I need this too. Even as a CFA and CFP, I sometimes feel behind.
But when the numbers show I’m on track, it’s a huge relief.
And I hope it brings you that same clarity — because once you stop guessing, you can actually start planning.

💡 Pro tip: Don’t just aim to meet the median. Aim to double it.
If you’re watching this, you’re already ahead of most — so why not plan like it?

Financial Assets of Canadians Under 35

Meet Marge and Homer who are in their early 30s. They’ve moved into their first place, juggling rent, student loans, and entry-level salaries.

Bart is just a toddler, Lisa’s on the way, and they’re trying to enjoy life while keeping up with bills.

They’ve heard they should be saving — but between daycare costs and takeout dinners, it’s tough to get ahead.

This is where most Canadian families start: hopeful, overwhelmed, and trying to make it all work.

In 2023, the median single Canadian under 35 had saved $36,500.
For couples or shared households, the median was $62,700 — right in the middle of the pack.

Yes, the averages are much higher:
$79,500 for singles, $155,900 for families.
But averages are skewed by high earners. The median is more representative of what most people actually have — so use that as your benchmark.

From 2005 to 2016, savings grew steadily thanks to early career momentum and the launch of the TFSA.
But since then? Progress has slowed, especially for families. By 2023, singles had inched ahead, but family medians barely moved.

Even with two incomes, most families under 35 have saved less than $63,000. That’s not a lot — especially with high living costs and real estate doing most of the heavy lifting.

If you’re under these numbers, you’re not doomed. But the earlier you face it, the sooner you can start compounding your way forward.

📚 Methodology Behind the Numbers

Before going onto the next age group, I wanted to explain how I got these numbers:

This data was a bit tough to interpret and I spent a lot of time trying to calculate the most accurate numbers possible.  I pulled it straight from StatsCan, but I had to combine two categories:

• Private pension assets — RRSPs, pensions, locked-in accounts
  
• Non-pension financial assets — TFSAs, stocks, mutual funds, GICs, etc.
  

I left out housing, business equity, and vehicles — because I wanted a pure snapshot of financial long-term savings.

It’s not perfect. Let’s call it a margin of error of 10-20% either way, because my method of adding up the medians and averages won’t be exact. But it’s close enough to help you benchmark your progress.

And if you really want to geek out, StatsCan breaks it down even further — you can look up things like median RRSPs, TFSAs, and more, you can find the data by doing a Google search for a table called “assets and debts held by family type.”

Financial Assets of Canadians Aged 35–44

Now in their early 40s, Homer’s grinding at work at the nuclear power plant, Marge is managing the household, and Bart and Lisa are in school.

They’ve bought a home in a decent neighborhood. Mortgage payments, rising groceries, and helping Grandpa Abe are all part of the equation.

Maggie just showed up — surprise!

They’re earning more, saving a bit, but wondering: is this enough?

This is the decade where financial stress hits hard — and where momentum matters.

In 2023:

• The median single Canadian aged 35–44 had $81,500 in long-term savings
  
• The median family had $139,000
  

That’s a solid jump from the under-35 group — about $45K more for singles and $75K more for families.
But it may not be enough.

From 2016 to 2023, family savings barely moved — just a $2K increase in seven years. Singles dipped in 2019 before bouncing back.
Even in peak earning years, savings growth can stall.

Key takeaway:
If you’re around 40 with $81K as a single or $139K as a couple, you’re right at the Canadian median — not behind, but not ahead either.

Now ask yourself:

• How much can that grow by 65?
  
• Is it enough for 25+ years of retirement?
  
• What if investment returns disappoint?
  

There’s still time to course-correct — but not forever.
If you’re below the line, start closing the gap.
If you’re above, keep the momentum going.

Because without intention, it’s easy to hit 50 and wonder why nothing’s changed.

🔹 Track Your Net Worth
If you’re not tracking your net worth yet, check out my free Net Worth Tracker for Canadians. It’s a simple way to stay on top of your finances.

📩 Download it free—link is here:
https://blueprintfinancial.ca/net-worth-tracker-canada-download/

Financial Assets of Canadians Aged 45–54

Marge and Homer are now in their late 40s and finally hitting their highest income years.

Lisa’s probably heading for law school. Bart’s thinking about community college.

And the bills keep coming: tuition, house repairs, maybe helping Bart… again.

Retirement doesn’t feel far anymore — it feels uncertain.

They’re trying to play catch-up, but time is ticking.

In 2023:

• The median single Canadian aged 45–54 had saved $152,100
  
• The median economic family had $274,700
  

From 2005 to 2019, savings grew steadily. Singles nearly doubled theirs, and families crossed the $300K mark by 2016.
But from 2019 to 2023, things reversed:

• Median savings fell by $36K for families
  
• And $26K for singles
  

The reasons? Likely market dips, inflation, or changing priorities.
But whatever the cause, it’s a red flag: savings can stall or shrink in your 50s if you’re not staying on top of it.

Even after decades of work, half of families in this group have less than $275,000 saved — not much when retirement could last 25–30 years.

Yes, dual incomes help. But at this stage, it’s less about how much you earn — and more about how long it’ll last.

This is a crucial decade.
If you’re behind, you can still catch up — but the window is narrowing.

💼 By the way — this is exactly what we help clients with at Blueprint Financial.
Whether it’s boosting your savings rate, optimizing your TFSA, or catching up on RRSPs, we help plan your financial life.

👉 Book a discovery call – the link’s below.

Financial Assets of Canadians Aged 55–64

The kids are grown, and the house is almost paid off.

Homer’s back hurts a little more in the morning. Marge is wondering if they should take CPP early or wait.

They’ve saved up a fair amount, but between inflation, market dips, and rising healthcare costs, it’s hard to know if it’s enough.

This is the phase where every decision counts — because there’s not much room left for mistakes.

This age group has the highest medians so far, which makes sense — they’ve had the most time to save and compound.
From 2005 to 2016, growth was steady. But since then, progress has stalled.
By 2023, median savings for families had actually dropped compared to 2016 and 2019.

That’s a red flag. Even late in your career, savings aren’t guaranteed to grow.
Life expenses, market dips, or early retirement can all slow things down.

The gap between singles and families also widens here.
In 2023, the median family had nearly double the savings of the median single — a result of dual incomes and shared expenses.

But even with $490K, a typical family may struggle to stretch that over 25–30 years — especially with inflation and longevity risk.
Singles with $270K face an even tougher path, with fewer economies of scale and less access to pensions.

This is the final stretch.
The decisions made now — when to retire, when to take CPP, and how to draw down savings — can make or break your retirement.

🪙 What Canadians 65 and Older Have Saved

They’ve retired. Finally.

Homer spends mornings on the porch. Marge likes volunteering at the library.

But their savings now need to last — maybe 25 or 30 years.

They’re drawing from their RRIFs, leaning on CPP and OAS, and hoping their plan holds up.

The kids are doing okay, but sometimes still ask for help.

Retirement was the goal — but peace of mind? That depends on the planning.

In 2023:

• Median single retiree: $227,100 in financial assets
  
• Median retired couple or family: $442,900
  

What stands out:
Even after decades of saving, the numbers haven’t moved much. Median family savings peaked in 2016 and have dipped slightly since. Singles have seen almost no growth in the last 10 years.

Why?

• Retirees are drawing down their savings
  
• Markets have been volatile
  
• Some simply didn’t have enough time or room to save more
  

Families still hold nearly double what singles do, thanks to dual incomes and shared costs. But even $440K for a couple isn’t a huge cushion if it needs to last 25–30 years.

And for singles with $227K, the pressure is even greater — higher individual costs, no partner to share the load.

Yes, this is the highest median savings group — but the reality is, the numbers are still modest. For many Canadians, their financial future will lean heavily on CPP, OAS, and home equity.

Knowing the numbers is one thing. Making them work for you is something else entirely.

Whether you’re in your 30s, 50s, or even your 60s, it’s never too late to start aligning your money with your goals. If you’re looking for a second opinion or just some clarity around your financial future, we’re here to help.

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💼 Or, if you’re ready to take the next step, explore our financial planning services and see how we can work together.

Your future deserves a solid plan — let’s build it together.