Financial confidence is growing among Canadians, but for singles, this optimism isn’t translating into a clearer retirement outlook. A new survey from Co-operators reveals that while Canadians are feeling more confident in their finances in 2025 (37%) compared to previous years (35% in 2024 and 33% in 2023), the long-term outlook remains uncertain, especially for single individuals.
This raises an important question: is there a “singles tax” when it comes to retirement?
Survey results suggest that many singles are still struggling to balance the costs of daily living, which impacts their ability to save for retirement. According to the survey, nearly half (45%) of singles believe saving for retirement is a near-impossible task. This concern is echoed by 40% of all Canadians, who think that most single people cannot realistically save enough to retire on their own.
Jess Baker
“While we’re happy to hear people are beginning to feel more financially secure, the data shows younger generations are still vulnerable, and unable to balance the cost of living and saving for retirement,” said Jess Baker, EVP and Chief Retail Sales Officer at Co-operators. “There has been an assumption the young and single are living carefree — that’s clearly not the case. We need to make sure financial advice reflects the unique challenges these individuals face.”
The survey further highlights that 44% of singles are saving less than $25 per month for retirement, and over a third (35%) have saved less than $5,000 for retirement in total.
“There shouldn’t be a penalty for being single, but it’s clear having a partner, someone who shares your financial goals and works with you to achieve them, is a factor in Canadian financial security and resilience,” said Baker. “People need community – and tailored advice and planning is one of the most easily accessible and powerful ways to address that gap when it comes to your finances.”
In Canada, 37% of people identify as single, and 43% of them are living with roommates or family members. This trend is linked to the financial realities many singles face, as 64% of Canadians agree that singles may need to live with others later in life to manage expenses.
In fact, one in three (36%) single Canadians fear they will never be financially able to retire. As the RRSP contribution deadline approaches, Baker offers several tips for singles to improve their financial situation:
Maximize your RRSP contribution: While 57% of singles opt for a TFSA, RRSPs are underutilized (29%). These accounts offer significant tax benefits that can help with long-term financial planning.
Community counts: Financial success isn’t just for couples. Multi-generational families or chosen families can pool resources and achieve financial goals together with the right planning and tools.
Work with an advisor: The survey found that those who work with a financial advisor save more for retirement. A trusted advisor can help with investing and insurance, balancing current needs with long-term goals.
A holistic approach: A secure financial future requires a combination of tools, including budgeting, short-term and long-term savings (RRSPs and TFSAs), and insurance protection to ensure plans stay on track.
About Co-operators
Co-operators is a leading Canadian financial services co-operative, providing insurance, investment products, and personalized advice to help Canadians build financial security. With over $64 billion in assets under administration, Co-operators has been offering trusted guidance since 1945. The organization is committed to sustainability, achieving carbon neutrality, and striving for net-zero emissions in operations and investments by 2040 and 2050, respectively.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
About Us
Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.
With hosts in each province, entrepreneurs have a local and national format to tell their stories, talk about their journey and provide inspiration for anyone starting their entrepreneurial journey and well- established founders.
The commitment to a grass roots approach has built a loyal audience on all our social channels and YouTube – 500,000+ lifetime YouTube views, 200,000 + audio downloads, 35,000 + average monthly social impressions, 10,000 + engaged social followers and 35,000 newsletter subscribers. Canada’s Podcast is proud to provide a local, national and international presence for Canadian entrepreneurs to build their brand and tell their story.
