Recent reports that millennials will only see 70 per cent of their pre-retirement income are concerning some young people, who say government needs to do more to ensure their financial future.
Earlier this week, CIBC economist Benjamin Tal said that the average person born before the 1980s and after may see a 30 per cent drop in their standard of living after retirement.
Tal said this is a clear generational divide between those in or soon-approaching retirement, who will likely see no difference between their pre- and post-retirement income.
'We're the ones that are benefiting from the older generations, but we're also the ones that are suffering the choices of the older generations.' - Robyn Noseworthy
Tal's findings are worrisome to some young people, many of whom are struggling to get by in the present.
Robyn Noseworthy, 29, is a new entrepreneur and also works at a full-time job. She told CBC's St. John's Morning Show that even though her income may be more than others of her age, she still cannot afford to start saving for retirement.
"It's very difficult to save when you're making ends meet," said Noseworthy.
"Our rent is super-high in the city when it comes to the millennial generation. Our input is not equalling our output."
Matthew Bendzsa, 17, is a member of Generation Screwed, a group that aims to inform young people about how future generations will be affected by government debt. He said Tal's findings are another example of this generation's dismal financial future.
"I think it's a really big problem, and this is just another way we're 'generation screwed,' here," said Bendzsa.
Saving should be more attractive, millennials say
Bendzsa, who is in his first year of engineering at Memorial University, is concerned about retirement.
He told CBC it's important for government to make saving attractive for young people, through methods such as increasing the maximum contributions to tax-free savings accounts and making Canada Pension Plan contributions voluntary.
"Then people can save if they have the money to save, and if not they aren't forced to save, as with a mandatory CPP contribution," said Bendzsa.
Noseworthy thinks that more opportunities for tax-free RRSPs would also be helpful to financially-conscious youth.
"Where are the pensions going to be when I'm 55? What is the state of our economy going to be when I'm 55?" she asked.
"We're the ones that are benefiting from the older generations, but we're also the ones that are suffering the choices of the older generations. If we don't start putting money into programming and infrastructure that are going to be necessities for us when we're older, then we're going to be in a whole lot of trouble."