Fewer than one in five young adults in Canada has spoken with a financial professional about retirement planning, according to a new report.
BMO Research Institute, Toronto, published this finding in a summary of results from a study, Broadening the Approach to Preparing for Retirement. The report examines examined attitudes on retirement among young adults between the ages of 18 and 34.
The study finds that three in four young adults (76%) have discussed retirement planning with someone. But few (17%) have spoken with a financial professional. By comparison, more boomers tend to consult financial professionals (41%).
Most young adults have spoken about retirement planning in passing only (40%) or with family or friends (37%).
The research also concludes that the youngest generation of adults is the least prepared for retirement because their retirement is the furthest away.