So you’re in your 30s and proud of what you’ve accomplished—maybe a promotion, buying your first home or starting a family. At the same time you might be feeling the squeeze: daycare bills, rising living costs, mortgage payments and lingering student loans. Perhaps you’re thinking about a career shift that could slow your short-term savings. And then there’s the social media effect—friends seem to be taking luxury trips, buying new cars and weekend cottages, which can make it hard to feel content with your own financial progress.
Where do most Canadians in their 30s stand when it comes to savings? And what practical steps can help you save more without sacrificing financial stability?
What’s the average savings for Canadians in their 30s? How much should they have saved?
Many Canadians are able to save despite competing financial pressures. According to Statistics Canada (2019 data, the most recent detailed release), the average person under 35 held $27,425 in non-pension financial assets and had $9,905 in registered retirement savings (RRSPs) alone. For people aged 35 to 44, average non-pension financial assets were $23,743 and RRSP holdings averaged $15,993.
Statistics Canada also reports figures for “economic families” (two or more related people living in the same dwelling). The average household savings rate in 2019 was 2.08%. These snapshot numbers provide useful context but don’t tell the full story: your ideal savings level depends on income, family size, debt, housing costs and retirement goals.
| Financial assets, non-pension | No private pension assets, just RRSPs | Private pension assets and RRSPs | |
|---|---|---|---|
| Individual under age 35 | $27,425 | $9,905 | $25,263 |
| Economic family under age 35 | $105,261 | $140,662 | $60,305 |
| Individual aged 35–44 | $23,743 | $15,993 | $39,682 |
| Economic family aged 35–44 | $131,017 | $138,488 | $399,771 |
The COVID-19 pandemic temporarily boosted many households’ ability to save. The Bank of Canada reported that disposable income for the average Canadian rose in 2020, and that year many households were able to put aside an average of roughly $5,800. Still, long-term adequacy of retirement savings remains a concern: in a 2019 CIBC survey, Canadians estimated they would need, on average, about $756,000 to retire comfortably. Your actual retirement target will vary based on lifestyle choices, health, location and other factors, so using a retirement calculator or creating a personalized plan can help define a realistic goal.
How to prioritize financial goals and obligations in your 30s
Your 30s are often a period of competing financial priorities: paying down student loans, managing a car loan or mortgage, building an emergency fund, saving for a home down payment, or preparing for children. Equifax data from the third quarter of 2023 shows Canadians aged 26 to 35 carried an average of $17,159 in debt, while those aged 36 to 45 averaged $26,155—highlighting how common it is to be balancing multiple obligations.
Because circumstances vary, begin by listing and prioritizing your goals and obligations. High-interest debt typically deserves immediate attention, since interest charges can erode long-term wealth. At the same time, contributions toward a down payment, an emergency fund and retirement should be balanced to match your timeline and peace-of-mind needs.
Working with a qualified financial planner can help you create a tailored plan that aligns short-term needs—like building a rainy-day fund or saving for a home—with longer-term priorities, such as maximizing retirement savings and protecting your family with appropriate life insurance.
How to grow your money while you save
Savings don’t have to sit idle. Choosing higher-yield options can accelerate growth without locking your money away. A high-interest savings account (HISA) offers a higher interest rate than typical savings accounts while allowing easy access to funds, unlike locked-in products such as guaranteed investment certificates (GICs).
Higher interest compounds over time, helping your balance climb faster. For example, promotional offers on some savings accounts can temporarily boost returns, and perks like additional interest for regular monthly deposits can further accelerate savings growth. Evaluate the account terms, introductory rates and ongoing fees to pick an option that suits your timeline and liquidity needs.
Get into the saving habit
Consistent saving is more about habits than heroics. Automating contributions on payday makes saving effortless and prevents decision fatigue. Even modest regular amounts add up: the combination of steady deposits and compounded interest can bring you closer to both near-term goals and retirement targets.
Pair an automatic savings plan with a competitive savings vehicle—such as a HISA—to make each dollar work harder. Regularly review your progress and adjust contributions as income, expenses and goals change.
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Read more about saving:
- How much money should I have saved by age 25?
- How much does the average Canadian have in savings?
- 6 ways Canadians can invest in an RESP on a tight budget
- How to start saving for retirement at 45
- The best financial apps for Canadians