The average Canadian has approximately $95,000 in total savings — but that number is heavily skewed by a small group of wealthy households. The median is closer to $25,000, meaning half of all Canadians have less than that saved across all accounts combined. Compared to retirement benchmarks that suggest having 10 times your salary saved by age 65, most Canadians are significantly behind.
This page breaks down average and median savings by age group, shows recommended benchmarks, and compares RRSP and TFSA balances against Statistics Canada data. Use the tables to see where you stand — and the strategies at the bottom to close the gap. To compare your total net worth rather than just savings, see net worth by age in Canada.
Average Savings in Canada
| Metric | Amount |
|---|---|
| Average total savings | ~$95,000 |
| Median total savings | ~$25,000 |
| Average RRSP balance | ~$100,000 |
| Average TFSA balance | ~$35,000 |
| Average non-registered | ~$30,000 |
The large gap between average and median indicates significant wealth inequality — a small percentage of high-savers pull the average up substantially. The median of ~$25,000 is the more realistic benchmark for where most Canadians actually stand.
Average Savings by Age
| Age | Average Savings | Recommended | Gap |
|---|---|---|---|
| 25 | $15,000 | $25,000 | -$10,000 |
| 30 | $40,000 | $60,000 | -$20,000 |
| 35 | $75,000 | $120,000 | -$45,000 |
| 40 | $110,000 | $180,000 | -$70,000 |
| 45 | $150,000 | $250,000 | -$100,000 |
| 50 | $200,000 | $350,000 | -$150,000 |
| 55 | $280,000 | $500,000 | -$220,000 |
| 60 | $350,000 | $650,000 | -$300,000 |
| 65 | $425,000 | $800,000 | -$375,000 |
Most Canadians are under-saved relative to typical retirement advice. If you want to know whether your current savings rate will close the gap by retirement, use the retirement savings calculator. If you’re already concerned you may be behind, see am I behind on retirement savings? for a structured way to assess your situation.
Recommended Savings by Age
The “1x to 10x Salary” Rule
| Age | Savings Target | Example ($70K salary) |
|---|---|---|
| 30 | 1× salary | $70,000 |
| 35 | 2× salary | $140,000 |
| 40 | 3× salary | $210,000 |
| 45 | 4× salary | $280,000 |
| 50 | 6× salary | $420,000 |
| 55 | 7× salary | $490,000 |
| 60 | 8× salary | $560,000 |
| 65 | 10× salary | $700,000 |
These are targets for a $70,000 salary, based on the Fidelity 1x–10x salary benchmark. The targets are aggressive — particularly for Canadians who started late, carry debt, or live in high-cost cities. Don’t treat them as a pass/fail threshold: treat them as a direction. See how much should you have saved by 30? and how much should you have saved by 40? for context by age cohort.
Alternative: 15% Savings Rate Rule
| Age Started | Savings Rate Needed |
|---|---|
| 25 | 10–12% |
| 30 | 15–18% |
| 35 | 18–22% |
| 40 | 25–30% |
| 45+ | May need catch-up strategies |
Starting early allows lower savings rates due to compound growth. The 15% rule is a starting point — see savings rate by income in Canada for a detailed look at what Canadians at different income levels actually save, and how much to save each month to translate a target savings rate into a concrete monthly number.
Average RRSP Balance by Age
| Age Group | Average | Median |
|---|---|---|
| 18–24 | $2,500 | $500 |
| 25–34 | $15,000 | $6,000 |
| 35–44 | $60,000 | $25,000 |
| 45–54 | $130,000 | $65,000 |
| 55–64 | $200,000 | $100,000 |
| 65+ | $180,000 | $85,000 |
RRSP balances peak around age 60, then decline as retirees begin withdrawals. These figures are averages from Statistics Canada data — medians are 40–60% lower, and a large share of the RRSP wealth is held by a small percentage of high-income contributors who benefit most from the tax deduction. For a dedicated breakdown with more age cohort detail, see average RRSP balance by age in Canada.
RRSP Contribution Room
| 2026 Limit | Amount |
|---|---|
| Annual maximum | $32,490 |
| Lifetime average | ~$80,000 unused room |
Most Canadians have significant unused RRSP contribution room — on average, over $80,000 in accumulated unused room nationally. If you don’t know how much room you have, check your latest CRA Notice of Assessment or log into My Account at CRA. You can also use the RRSP contribution room calculator to estimate your room. To understand whether unused room is worth catching up on, see should I max out TFSA or RRSP first?
Average TFSA Balance by Age
TFSA balances tend to be lower than RRSP balances for most age groups because the account has only existed since 2009 and many Canadians use it as a regular savings account rather than an invested account — limiting growth. Someone who consistently invested their TFSA in a diversified index fund since 2009 and contributed the maximum each year could have a balance of $200,000–$300,000+ by 2026 on cumulative contributions alone of $102,000. For more on how to get the most from this account, see the TFSA guide.
| Age Group | Average | Median |
|---|---|---|
| 18–24 | $5,000 | $2,000 |
| 25–34 | $18,000 | $8,000 |
| 35–44 | $35,000 | $15,000 |
| 45–54 | $50,000 | $25,000 |
| 55–64 | $55,000 | $30,000 |
| 65+ | $60,000 | $35,000 |
TFSA Contribution Room (2026)
| If opened in… | Cumulative Room |
|---|---|
| 2009 (age 18+) | $102,000 |
| 2015 | $72,000 |
| 2020 | $41,000 |
| 2024 | $14,500 |
If you’ve never opened a TFSA and have been a Canadian resident since turning 18 (as early as 2009), you may be able to contribute up to $102,000 all at once. Use the TFSA contribution room calculator to find your exact available room. For the annual limit breakdown, see TFSA contribution limit 2026. If you’re unsure whether to prioritize your TFSA or RRSP, see TFSA vs RRSP vs FHSA compared.
An emergency fund is the financial foundation everything else is built on. Without one, any unexpected expense — job loss, car repair, home appliance failure, medical expense — derails your savings goals and forces you into high-interest debt. The data below shows the average Canadian has $8,000 in emergency savings, well below the recommended minimum. See how much emergency fund do I need in Canada? or use the emergency fund calculator to find your specific target.
| Metric | Recommended | Average Canadian |
|---|---|---|
| Emergency fund | 3–6 months expenses | $8,000 |
| Recommended amount | $15,000–$30,000 | — |
| % with adequate fund | 35–40% | — |
| % with <$1,000 | ~25% | — |
Many Canadians lack adequate emergency savings — roughly 25% have less than $1,000, leaving them highly vulnerable to financial shocks. If you’re in that group, building your emergency fund should take priority over RRSP or TFSA contributions.
Emergency Fund Targets
| Situation | Recommended Fund |
|---|---|
| Stable employment, dual income | 3 months expenses |
| Single income household | 6 months expenses |
| Self-employed/variable income | 6–12 months expenses |
| Approaching retirement | 12–24 months expenses |
How Do You Compare?
Below Average
| Percentile | Total Savings |
|---|---|
| Bottom 25% | Less than $5,000 |
| 25th–50th | $5,000–$25,000 |
If you’re here: Focus on building an emergency fund first, then automate savings using the pay yourself first method — even $50–$100 per paycheque builds momentum.
Average
| Percentile | Total Savings |
|---|---|
| 50th–75th | $25,000–$150,000 |
If you’re here: You’re on track but should maximize registered accounts — prioritize maxing your TFSA and RRSP before holding savings in non-registered accounts.
Above Average
| Percentile | Total Savings |
|---|---|
| Top 25% | $150,000–$400,000 |
| Top 10% | $400,000+ |
| Top 5% | $700,000+ |
Savings Rate by Income
| Income Level | Typical Savings Rate |
|---|---|
| Under $40,000 | 2–5% |
| $40,000–$70,000 | 5–10% |
| $70,000–$100,000 | 10–15% |
| $100,000–$150,000 | 15–20% |
| $150,000+ | 20–30% |
Higher earners can save more, but lifestyle inflation often reduces actual savings rates. For a breakdown of how savings rates vary across income brackets in Canada, see savings rate by income in Canada.
How to Calculate Your Savings Rate
Formula:
Savings Rate = Annual Savings ÷ Gross Income × 100
Example:
| Factor | Amount |
|---|---|
| Gross income | $75,000 |
| RRSP contributions | $6,000 |
| TFSA contributions | $6,500 |
| Pension contributions | $4,000 |
| Total savings | $16,500 |
| Savings rate | 22% |
Include employer pension contributions in your savings calculation.
Where Canadians Keep Savings
| Account Type | % of Savers |
|---|---|
| TFSA | 65% |
| RRSP | 60% |
| Regular savings account | 55% |
| Non-registered investments | 25% |
| Cash at home | 15% |
| GICs | 20% |
Many Canadians use multiple accounts for different savings goals.
Savings Strategies by Life Stage
The right savings priority changes as you move through life. The tables below outline what to focus on at each stage — but the single most important habit at every stage is automating your contributions so savings happen before discretionary spending.
Age 20–30: Build Foundation
Your primary goal in your twenties is building the habits and foundation: emergency fund first, then maximizing the TFSA before the RRSP (since your income and marginal tax rate will likely be higher in future years, making RRSP deductions more valuable later). If you’re also saving for a first home, the FHSA offers tax-free growth specifically for that goal.
| Priority | Target |
|---|---|
| Emergency fund | 3 months expenses |
| TFSA | Max contributions |
| Employer pension match | Get full match |
| RRSP | If higher income |
Age 30–40: Accelerate
Your thirties are typically when income rises fastest. Maximize RRSP contributions — the tax deductions are more valuable now at higher marginal rates. If you haven’t bought a first home yet, the FHSA allows up to $40,000 lifetime in tax-deductible, tax-free growth. If you have children, an RESP captures the 20% Canada Education Savings Grant.
| Priority | Target |
|---|---|
| Emergency fund | 6 months expenses |
| TFSA | Continue maxing |
| RRSP | Maximize room |
| FHSA | If buying first home |
Age 40–50: Catch Up
If you’re behind on the savings benchmarks, your forties are the time to act aggressively. Eliminate high-interest debt, maximize registered room, and review whether a spousal RRSP makes sense if there’s an income gap between partners. The average debt by age in Canada page provides context on where you stand.
| Priority | Target |
|---|---|
| Retirement savings | 4–6× salary |
| Education savings | RESP for children |
| Debt paydown | Eliminate high-interest |
| Tax planning | Optimize accounts |
Age 50–60: Final Push
The decade before retirement is your highest-earning, highest-saving period. Use all available RRSP room (up to $32,490 in 2026), consider RRSP meltdown strategies if you have significant room, and start planning CPP and OAS timing. Review the before you retire financial checklist to ensure you’re covering all bases.
| Priority | Target |
|---|---|
| Retirement savings | 8–10× salary |
| RRSP catch-up | Use unused room |
| Asset allocation | Reduce risk gradually |
| CPP/OAS planning | Optimize timing |
Age 60+: Transition
Focus shifts from saving to sustainable withdrawal. Your RRSP must convert to a RRIF by December 31 of the year you turn 71. Start thinking about the order you draw down accounts — the sequencing of RRIF, TFSA, and non-registered withdrawals significantly affects lifetime taxes paid. See average retirement income in Canada for benchmarks on what retirees typically draw.
| Priority | Target |
|---|---|
| Retirement income | Sustainable withdrawal |
| RRIF conversion | By December 31 of year turning 71 |
| Tax minimization | Income smoothing |
| Estate planning | Beneficiary designations |
Why Canadians Struggle to Save
| Reason | % Citing |
|---|---|
| High housing costs | 45% |
| Inflation/cost of living | 40% |
| Insufficient income | 38% |
| Debt payments | 35% |
| Childcare costs | 20% |
| Unexpected expenses | 25% |
How to Increase Your Savings
Automate
| Strategy | Implementation |
|---|---|
| Pay yourself first | Auto-transfer on payday |
| RRSP matching | Maximize employer match |
| Round-up apps | Save spare change |
| Raise allocation | Save 50% of raises |
Reduce Expenses
| Area | Potential Savings |
|---|---|
| Housing | Downsize, roommate |
| Transportation | Public transit, used car |
| Subscriptions | Audit and cancel |
| Food | Meal planning |
Increase Income
| Strategy | Effort Level |
|---|---|
| Negotiate raise | Medium |
| Side gig | High |
| Sell unused items | Low |
| Career change | High |
The Power of Starting Early
$500/month invested at 7% return:
| Starting Age | Value at 65 |
|---|---|
| 25 | $1,200,000 |
| 30 | $830,000 |
| 35 | $570,000 |
| 40 | $380,000 |
| 45 | $250,000 |
Starting at 25 instead of 35 more than doubles your retirement savings. This illustrates the core principle: time in the market matters more than the amount contributed at any single point. See what is compound interest? for an explanation of the mechanics, and use the compound interest calculator to model your own scenario with different starting ages, contribution amounts, and return assumptions.
Key Takeaways
- Average Canadian has ~$95,000 saved (median ~$25,000)
- Most Canadians are under-saved for retirement
- Target 10–15% savings rate minimum
- Max TFSAs and RRSPs before non-registered
- Emergency fund of 3–6 months is essential
- Start early — compound growth is powerful
Related Reading
- Net Worth by Age in Canada — Compare total net worth across age groups, not just savings
- How Much Should You Have Saved by 30? — Detailed benchmarks and context for the 30 milestone
- How Much Should You Have Saved by 40? — Catch-up strategies and benchmarks for your forties
- Average Debt by Age in Canada — The other side of the balance sheet
- Am I Behind on Retirement Savings? — A structured way to assess your retirement readiness
- Average Retirement Income in Canada — What retirees actually live on across provinces
- Before You Retire Financial Checklist — Everything to review in the five years before retirement
- RRSP Guide — How the RRSP works, contribution limits, and strategy
- TFSA Guide — Rules, contribution room, and how to invest inside a TFSA
- Compound Interest Calculator — Model growth at any rate, time horizon, and contribution amount
- Retirement Calculator — Project whether your savings will last through retirement
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