Canadians Confident They Can Afford Milestones, Yet Many Delay

A recent survey from FP Canada finds that despite economic uncertainty, nearly seven in ten Canadians are confident they will reach major financial milestones such as retirement, buying a home, and travel. That confidence, however, coexists with current financial pressures: while 68% say they expect to meet their long-term goals, 51% report postponing at least one significant financial objective today.

The survey highlights a notable difference in confidence between people who work with a financial planner and those who do not. Among Canadians who have professional financial guidance, 79% feel confident about meeting their goals, compared with 59% of those without a planner. This gap suggests that financial advice and planning can play an important role in helping households stay on track.

Laura Bishop, a Qualified Associate Financial Planner (QAFP) at IG Wealth Management, emphasizes that professional planning is not just for high-net-worth individuals. “Financial planning is for anyone who wants to make intentional choices about their money,” she says. Planners bring market knowledge, structure, and a disciplined approach that can help people at many income levels and stages of life.

Daily expenses are the biggest obstacle to milestone planning

When asked about the barriers to reaching life milestones, Canadians most often pointed to everyday financial pressures. While debt (31%) and broader economic uncertainty (35%) are frequently cited, the most common issue is simply having too little left over after essential expenses: 41% of respondents named this as their primary challenge. The issue is especially pronounced for people aged 35–54, where 48% reported insufficient leftover income as the main obstacle.

In short, many Canadians aren’t being derailed by a single large setback but by the cumulative effect of daily costs that limit the ability to save for larger goals. This reality helps explain why more than half of respondents have delayed at least one big plan.

Generational differences: travel tops the list for younger Canadians

The survey also reveals clear generational differences in priorities. Across all respondents, the top goals people are saving for are retirement or semi-retirement (50%), travel (42%), and buying a home (19%). But among younger Canadians, shorter-term lifestyle goals like travel often take precedence over more traditional, long-term objectives.

Top milestones for Canadians aged 18–34:

• 43% are saving for travel
• 38% are saving to buy a home
• 34% are saving for retirement

Top milestones for the 35–54 age group:

• 61% are saving for retirement
• 47% are saving for travel
• 25% are saving for their children’s education

For both younger and middle-aged Canadians, travel is a prominent priority and often ranks above retirement, homeownership, and education. This shift toward spending on experiences reflects changing values about how people want to balance present enjoyment with future security.

A shift toward a spending mindset

Bishop connects the growing emphasis on travel and short-term spending to the COVID-19 pandemic. Since 2020, many Canadians have rebalanced their priorities, placing more weight on experiences and quality of life in the near term rather than focusing solely on long-term saving.

“Since COVID, a lot more people are looking at living their best life,” she says. That perspective explains why saving strategies now often need to accommodate both immediate lifestyle goals and longer-term objectives like retirement.

“It’s about clarity”: how financial planners help

Bishop encourages Canadians not to avoid financial advice out of fear that they’ll lose control or because they think planning is only for the wealthy. Instead, she stresses that working with an advisor should provide clarity and empower clients to make decisions that reflect their values and priorities.

Financial planners do far more than recommend investments. They can provide education, emotional support, and a structured process for making complex choices. Many people are reluctant to share their financial worries even with close friends; a planner offers a safe space for candid conversations and practical guidance.

“A good planner will simplify complicated decisions,” Bishop explains. “A great planner aligns those decisions with your priorities and creates a personalized plan that reflects your goals.” For Canadians who feel unsure about their financial future, professional guidance can increase confidence, reduce anxiety, and help translate intentions into concrete steps.

Further reading on financial planning

• Having a financial plan more than doubles your retirement confidence—here’s why so many Canadians are skipping it
• How to build confidence in your financial life
• Surviving the present, investing in the future: Gen Z’s financial balancing act
• How to plan for old age when you don’t have kids