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The 2023 Mercer Retirement Readiness Barometer has found that Canadian millennials, between 27 and 42 years old, must save 50 per cent more if they rent, than millennials who are homeowners.

In order to achieve a “reasonable income in retirement”, the report found a millennial who rents for their entire career would need to save eight times their salary in order feel ready to retire at age 68.🏡

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Source:

Millennials who rent will have to save 50% more than homeowners to retire: report | Globalnews.ca "Homeownership also gives retirees flexibility, as retirees who downsize may be able to access a significant amount of money," the report reads.