TORONTO--(BUSINESS WIRE)-- Millennials across Canada are building steady savings habits, even with little room in their budgets to do it, according to the Millennial Money Report released today by Haventree Bank, a Schedule 1 Canadian bank, in partnership with Angus Reid.
Two-thirds (66%) contribute to savings or investments at least monthly, and 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 come as Haventree prepares to launch registered products, including TFSAs, FHSAs and RRSPs, through its digital bank in November.
“Millennials are following sound financial advice. They save regularly, they do their own research, and they rely on registered accounts to build toward their long-term goals,” said Fern Glowinsky, President & CEO of Haventree Bank. “What’s holding them back isn’t knowledge or willpower. It’s how much is left at the end of the month. When the amounts are modest, every dollar needs to work harder, and that influences what we’re building at Haventree. Bringing TFSAs, FHSAs and RRSPs to our digital bank in November is a direct response to how this generation is already saving, with products that are straightforward, accessible and built for steady growth.”
How much are millennials saving?
Millennials save consistently, but the amounts are often modest, and men are putting away notably more than women.
Two-thirds (66%) contribute to savings or investments at least monthly, including 42% who do so every paycheque.
69% save less than $10,000 per year, and 62% invest less than $10,000 annually.
Of those surveyed, 28% invest or save less than $2,000 a year. Eighteen per cent save or invest between $2,000 to $4,999 annually, 17% save $5,000 to $9,999 annually, 12% save $10,000 to $19,000 annually and 12% save $20,000 or more.
One in 10 (10%) can’t put anything aside to save, and 15% can’t put any money toward investing.
Men are notably more likely than women to put larger sums away each year. One in four men (25%) save $10,000 or more annually, compared to 19% of women.
The picture is one of a generation saving regularly, but in smaller amounts, and with a gap between how much men and women are able to set aside.
Where do millennials keep their savings?
Millennials are keeping their long-term savings in registered accounts. Their loyalty to a single bank is much weaker, and many are comfortable spreading their money across several institutions.
More than half (58%) keep most of their long-term savings in a TFSA or RRSP, followed by stocks, ETFs or mutual funds (17%). Just 11% rely primarily on a savings account, and 7% have no long-term savings.
57% keep their savings with one primary financial institution, while 43% spread it across multiple.
This generation knows which accounts they want to use, but they’re open to choosing where they hold them, and are willing to look beyond their primary bank for better value or simplicity.
Do millennials prefer safe or growth-focused investments?
Millennials are split on how to balance growth and security. Growth is the most common single priority, but most weigh it against safety, access and simplicity.
Growing wealth as much as possible, even with some risk, is the top investment priority (29%). Other factors include safety and protection (20%), quick access to funds (19%), simplicity (17%) and predictable returns (15%).
Given a hypothetical $10,000, millennials would split it almost evenly between the stock market (33%), paying down debt (32%) and a guaranteed return through a GIC or savings account (29%).
Men are more drawn to the stock market (38% of men vs. 28% of women), while women are more likely to choose a guaranteed GIC or savings return (32% of women vs. 25% of men).
Rather than going all in on one strategy, they’re hedging their bets. On tight budgets, predictability carries as much weight as upside.
When do millennials expect to retire?
Retirement is the main reason millennials save, but the timeline is stretching. Early financial independence also appears less within reach for older millennials, who are less likely to name early financial independence as their main reason for saving and more likely to expect to be ready to retire after 65.
Over two-thirds (69%) say retiring comfortably or reaching financial independence before traditional retirement age is their main reason for saving, and 60% describe themselves as saving aggressively or steadily for retirement.
26% expect to be financially ready to retire before 60, and 56% expect to retire by 65. Nearly one in five (18%) don’t think they’ll ever be able to retire.
Do millennials trust AI with their financial decisions?
Millennials prefer to do their own homework, and they trust themselves more than AI when it comes to money.
The majority (66%) are skeptical of using AI for financial decisions or say they never would.
While 20% use AI for financial guidance, only 3% trust its advice without double-checking it first.
Why aren’t millennials saving more?
Most millennials are already saving, so motivation isn’t the problem. Two-thirds put money away at least monthly. The trouble is that there often isn’t much left over to put away.
Over half (55%) say a lack of disposable income is their biggest barrier to saving more, well ahead of debt (16%), limited financial knowledge or confidence (8%) and fear of losing money (7%).
A quarter (25%) say they’re focused on covering current costs, and long-term planning isn’t realistic right now.
Most millennials already understand the value of saving. What they’re missing is room in the budget, so progress depends less on learning what to do and more on making each dollar go further.
Haventree Bank’s registered products, including TFSAs and RRSPs, will be available through its digital bank beginning in November. The full Millennial Money Report is available for viewing at https://www.haventreebank.com/en-CA/millennial-money-report-2026.
About Haventree Bank Haventree Bank is a Schedule 1 Canadian bank dedicated to advancing financial security and upward mobility for Canadians underserved by traditional financial services. Now offering a complementary direct-to-consumer digital bank alongside its broker-distributed alternative mortgages and GICs, Haventree offers Canadians straightforward, accessible products designed for steady and meaningful growth. CDIC-insured, Haventree combines the security of a federally regulated bank with the simplicity and accessibility of a modern digital experience. For more information, visit haventreebank.com.
Survey Methodology These are the findings of a survey conducted by Haventree Bank from August 18-24, 2026, among a sample of n=1,000 Millennial adults (aged 30 to 45) living in Canada who are members of the Angus Reid Forum. The survey was conducted in English and French. 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.
