So, you’re in your 30s and feeling pretty good about life. Maybe you’ve earned a promotion or purchased your first home. But amid the wins, financial challenges like daycare fees, mortgage payments, student loans, and the rising cost of living might leave you feeling financially stretched. Add to that the social media envy from seeing friends jetting off on lavish vacations or splurging on big purchases, and it’s easy to wonder: How are others managing? And how can you get ahead?
Let’s explore how Canadians in their 30s are saving, how much they should save, and practical steps to reach your financial goals.
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What’s the Average Savings for Canadians in Their 30s?
Despite financial obligations, many Canadians in their 30s are managing to save. According to Statistics Canada’s 2019 data, the average person under 35 had saved $9,905 in registered retirement savings plans (RRSPs) and $27,425 in non-pension financial assets. For those aged 35 to 44, the numbers increase slightly to $15,993 in RRSPs and $23,743 in non-pension assets.
The table below provides a detailed breakdown:
| Financial Assets | Non-Pension | RRSPs Only | Pension & RRSPs |
|---|---|---|---|
| Individuals under 35 | $27,425 | $9,905 | $25,263 |
| Economic Families under 35 | $105,261 | $140,662 | $60,305 |
| Individuals aged 35-44 | $23,743 | $15,993 | $39,682 |
| Economic Families aged 35-44 | $131,017 | $138,488 | $399,771 |
(Source: Statistics Canada, 2019)
Interestingly, the COVID-19 pandemic boosted savings. According to the Bank of Canada, the average disposable income rose by $1,800 in 2020, allowing Canadians to save an average of $5,800 that year.
Are Canadians Saving Enough?
Despite these improvements, many Canadians aren’t saving enough for retirement. A 2019 CIBC survey revealed that Canadians estimate they’ll need $756,000 for retirement, but the amount you’ll need depends on personal factors. To calculate your retirement goals, consider using tools like CIBC’s retirement savings calculator.
How to Prioritize Financial Goals in Your 30s
Balancing savings with financial obligations can feel overwhelming. Canadians aged 26 to 35 carry an average debt of $17,159, while those aged 36 to 45 owe $26,155, according to Equifax’s Q3 2023 report. Whether you’re paying off debt, saving for a home, or planning for a family, here’s how to get started:
- Talk to a Financial Planner: A professional can help you create a customized financial plan tailored to your goals and priorities.
- Focus on High-Interest Debt: Pay off high-interest debt first to reduce financial strain and free up money for savings.
- Set Clear Goals: Decide what’s most important to you—be it a down payment, retirement savings, or investments.
- Consider Life Insurance: Protect your family’s future while building your financial safety net.
- Save Monthly: Make saving a habit by setting up automatic contributions on payday.
How to Grow Your Money While You Save
Every dollar you save can grow faster with the right tools. Consider opening a high-interest savings account (HISA) to maximize your returns. Unlike standard savings accounts, HISAs offer higher interest rates and easy access to your funds.
For example, the CIBC eAdvantage Savings Account offers a 5.25% interest rate for four months on balances up to $1,000,000. Additionally, saving $200 a month earns an extra 0.25% interest on balances up to $200,000. This can help your savings grow significantly over time.
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Develop a Saving Habit
Saving takes discipline, but automation can make it easier. By setting up automatic transfers, you’ll consistently grow your savings without even thinking about it. High-interest accounts like the CIBC eAdvantage Savings Account can help accelerate your progress toward financial goals, whether short-term or long-term.
Final Thoughts
Your 30s are a busy, transitional decade, but with the right financial strategies, you can build a solid foundation for the future. Prioritize your goals, explore tools to maximize your savings, and remember that even small, consistent steps can lead to big financial rewards. Start today and enjoy the peace of mind that comes with financial security.
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