Average Canadian Savings: How Much Do People Really Have?

Rising living costs have reduced many Canadians’ disposable income, making it harder to set money aside. Still, the right financial tools — such as a high-interest savings account (HISA) and tax-advantaged registered accounts — can help you protect and grow your savings at every stage of life. Using these accounts strategically enables you to keep making progress toward short- and long-term goals, even when budgets are tight.

Average savings by age in Canada

Canadians have built meaningful financial cushions both inside and outside registered retirement savings plans (RRSPs). According to Statistics Canada data from 2019 (the most recent full dataset available), average holdings in financial assets—excluding private pensions and non-financial assets like real estate—looked like this:

Under age 35: $27,425 in non-pension financial assets and $9,905 in RRSPs
Ages 35 to 44: $23,743 in non-pension financial assets and $15,993 in RRSPs
Ages 45 to 54: $39,831 in non-pension financial assets and $41,998 in RRSPs

The pandemic altered saving and spending patterns. In 2020, the Bank of Canada reported an “unprecedented increase” in household saving—around $5,800 per Canadian, roughly $180 billion in total. Much of those pandemic-era savings accumulated among higher-income households. By the end of 2021, Statistics Canada estimated Canadians had saved an extra $350 billion collectively. Since then, a substantial portion of those funds has been redirected back into spending, debt repayment and mortgage paydown.

Financial goals in your 20s, 30s, 40s and beyond

Your priorities and expenses typically shift each decade. Below are common financial focuses and costs people face in different stages of adult life.

Life expenses in your 20s

In your 20s you may be balancing rent, paying down student loans and starting a career. Average rents for a bachelor/studio apartment in major cities are high: for example, roughly $1,427 per month in Toronto and $1,489 in Vancouver. Student-debt figures can also affect finances: the average bachelor’s-degree graduate carries about $30,600 at graduation, while a college graduate typically owes around $16,700.

Other common costs in this decade include travel, social activities and transportation such as car payments or leases. Even with competing demands, building a saving habit early is valuable. Set up automatic transfers to a HISA or other savings vehicle so a portion of each paycheque is set aside. A liquid HISA can earn better returns than a regular savings account while you plan for medium-term goals or build an emergency fund.

CIBC eAdvantage Savings Account

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Monthly fee: $0
Regular interest rates: 0.30% to 0.60% depending on balance, plus Smart Interest of 0.25% when you save $200 or more in any month (applies on balances up to $200,000)
Welcome offer: 4.60% interest for 90 days on balances up to $1,000,000
Transactions: $5 each
Eligible for CDIC coverage: Yes

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Life expenses in your 30s

In your 30s income often rises, but so do responsibilities. Average wedding costs in Canada commonly range from $22,000 to $30,000. Childcare is another significant expense: Statistics Canada reports an average cost of $508 per month for full-time daycare. Pets, home-buying plans and higher mortgage payments in major markets also increase spending. The average monthly payment for a new mortgage in Canada was about $2,135 in the first quarter of 2024, with much higher costs in Toronto and Vancouver.

If you’re saving for a home, a family or other major commitments, a HISA can be a good short-term place to park money while you preserve capital and earn interest. Pairing a HISA with regular contributions keeps your progress consistent and makes saving less painful.

Life expenses in your 40s

Your 40s are often when retirement saving becomes a higher priority. Maximizing RRSP contributions can reduce your current tax bill and accelerate retirement savings. Statistics Canada reports an average RRSP contribution of about $4,200 per year for Canadians aged 45 to 54.

This decade commonly brings home upgrades or renovations and the start of saving for children’s post-secondary education. A registered education savings plan (RESP) offers tax-deferred growth and access to government grants, making it an efficient option for education savings.

Life expenses in your 50s and beyond

In your 50s you’ll likely be planning for retirement while still supporting family. Contributing to a child’s first home is increasingly common; recent reports note substantial parental assistance in some regions. Personal goals may include buying a vacation property, taking major trips or preparing for intergenerational care. Many in this age group also help aging parents, which can carry notable costs—on average several thousand dollars annually depending on care needs.

Estate planning becomes more important as well. Creating a will, considering trusts or life insurance, and discussing legacy plans with a financial planner can ease the transition of assets and protect loved ones’ financial futures.

Ways to maximize your savings

Registered accounts provide tax advantages that can accelerate your progress toward financial goals. Key options for Canadians include:

RRSP: Contributions are tax-deductible and grow tax-deferred until withdrawal, typically in retirement when your marginal tax rate may be lower. RRSPs can also fund a first home under the Home Buyers’ Plan or support further education through the Lifelong Learning Plan.
TFSA: Contributions are not tax-deductible, but investment income and withdrawals are tax-free. The annual contribution limit helps control usage; in 2024–2025 it is $7,000 per year. TFSAs are flexible for both short- and long-term goals.
FHSA: The first home savings account allows tax-deductible contributions and tax-free growth when used to buy a first home. Annual contributions are capped at $8,000, with a lifetime limit of $40,000. Unused funds can be transferred to an RRSP or RRIF.
HISA: A high-interest savings account provides a higher rate than traditional savings accounts and offers liquidity for short-term goals or emergency funds. Many banks enable automatic transfers so you can build savings without thinking about it.

Working with a financial advisor can help you create a comprehensive plan tailored to your situation—balancing debt repayment, emergency savings and long-term investment. Advisors can also help choose the right mix of registered accounts and tax strategies to meet your objectives.

Saving in a challenging economy is possible with good habits, the right accounts and a plan that evolves as your life changes. By using tax-advantaged products and keeping an emergency cushion, you’ll be better positioned to meet both expected and unexpected expenses at each life stage.

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