Do you ever feel like you’re missing out when you see friends on social media flaunt their vacations, new cars, and lavish spending? Wondering how they manage it all while you’re struggling to save? Let’s dive into the average savings of Canadians in their 30s and how you can build a better financial future.
Average Savings for Canadians in Their 30s
Despite financial challenges, many Canadians are saving. Statistics Canada’s 2019 data shows that those under 35 had saved $9,905 for retirement (RRSPs only) and held $27,425 in non-pension financial assets. For those aged 35 to 44, the numbers are $15,993 and $23,743, respectively.
The average household savings rate in 2019 was 2.08%. The pandemic even had a positive effect on savings, with the average Canadian saving an extra $1,800 in 2020, totaling around $5,800 for the year.
Prioritizing Financial Goals in Your 30s
In your 30s, balancing financial goals and obligations can be tough. Whether you’re dealing with debt, saving for a home, starting a family, or investing, it’s essential to create a personalized financial plan. Discussing your situation with a financial planner can help you tackle high-interest debt, save for big goals, explore investment opportunities, and secure your financial future.
