New Haventree Bank research finds most Canadian millennials save monthly, with registered accounts their preferred vehicle
Most Canadian millennials have made consistent saving a habit but what they put aside each month is modest, and for many the margin is thin.
Two-thirds of millennials across the country contribute to savings or investments at least monthly, according to the Millennial Money Report released Monday (November 2) by Toronto-based Haventree Bank, a Schedule 1 Canadian bank, in partnership with Angus Reid.
The survey of 1,000 Canadians aged 30 to 45, conducted between August 18 and 24, 2026, found that registered accounts remain the cornerstone of how this generation saves for the long term: 58 per cent hold the majority of their long-term savings in a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP).
The findings arrive as Haventree prepares to launch registered products - including TFSAs, First Home Savings Accounts (FHSAs), and RRSPs - through its digital bank in November 2026, positioning the bank directly in the path of millennial demand for straightforward, accessible savings tools.
Saving consistently, but in small amounts
While the regularity of saving is notable, the scale tells a different story. Nearly seven in 10 millennials (69 per cent) save less than $10,000 per year, and 62 per cent invest less than that same threshold annually. Just over a quarter (28 per cent) put aside less than $2,000 a year across savings and investments combined.
One in 10 cannot set anything aside at all, and 15 per cent have no capacity to invest. The most cited obstacle: a lack of disposable income, named by 55 per cent of respondents as the single biggest barrier to saving more - well ahead of debt (16 per cent) and limited financial knowledge (eight per cent).
"What's holding them back isn't knowledge or willpower," said Fern Glowinsky, President and CEO of Haventree Bank. "It's how much is left at the end of the month."
A gender gap runs through the data. Men are meaningfully more likely than women to put larger sums away each year - one in four men save $10,000 or more annually, compared to 19 per cent of women.
For Canadian financial advisors working to engage millennial clients, the data signals a generation that largely understands the value of saving - the challenge is expanding the room in their budgets to do more of it.
As Wealth Professional has reported, attracting and retaining millennial clients requires advisors to meet this cohort where they are financially, not where advisors might prefer them to be.
Registered accounts lead; loyalty to one bank does not
The dominance of TFSAs and RRSPs in how millennials hold their long-term savings (cited by 58 per cent) stands in contrast to a weaker attachment to any single institution. Just over half (57 per cent) keep savings primarily with one financial provider, while 43 per cent spread money across multiple institutions.
Stocks, exchange-traded funds (ETFs), and mutual funds account for the long-term savings vehicle of 17 per cent of respondents, while 11 per cent rely mainly on a standard savings account. Seven per cent report having no long-term savings at all.
The openness to multiple providers reflects a pragmatic approach to value. Advisors who have long concentrated on deepening wallet share with this demographic may need to reckon with the fact that millennial clients are comfortable (and accustomed) to shopping around. The broader question of what Canadians really want from their advisors increasingly points toward transparency, accessibility, and products that align with specific life goals.
Risk appetite and retirement timelines
On investment priorities, millennials are split between growth and caution. Growing wealth as much as possible - accepting some risk to do so - is the top single priority at 29 per cent, followed by safety and protection of capital (20 per cent), quick access to funds (19 per cent), simplicity (17 per cent), and predictable returns (15 per cent).
When asked how they would deploy a hypothetical $10,000, respondents divided their hypothetical dollars nearly equally: 33 per cent said they would put it into the stock market, 32 per cent would use it to pay down debt, and 29 per cent would opt for a guaranteed return through a GIC or high-interest savings account.
Men were more drawn to equities (38 per cent versus 28 per cent of women), while women were more likely to choose guaranteed returns (32 per cent versus 25 per cent of men).
Retirement is the primary motivation for saving among this cohort, cited by 69 per cent as their main goal. However, confidence in achieving it on a traditional timeline is uneven. Just over a quarter (26 per cent) expect to be financially ready to retire before age 60, and 56 per cent anticipate retiring by 65. Nearly one in five (18 per cent) do not believe they will ever be in a position to retire - a figure with significant implications for advisors focused on how working with millennials goes beyond the financial to encompass broader conversations about life expectations and financial confidence.
Skepticism around AI and financial guidance
Despite the broader uptake of artificial intelligence tools across many sectors, millennials remain largely unconvinced when it comes to financial decisions. Two-thirds (66 per cent) say they are skeptical of using AI for financial guidance or would never consider it.
While 20 per cent already use AI in some capacity for financial purposes, only three per cent do so without verifying the output themselves.
The preference among this generation remains self-directed research - a behaviour that advisors have an opportunity to work with rather than against, by positioning themselves as the trusted layer of expertise that validates and enriches what clients already know.
The full Millennial Money Report is available at haventreebank.com.
