Average Savings by Age in Canada (StatCan 2023)
How much Canadians keep in the bank, and in savings and investments outside a pension, at every age, from Statistics Canada's Survey of Financial Security.
Published 2026-10-01
Median savings by age in Canada (2023): the typical family with money on deposit at a bank or credit union held $6,000 (Under 35), $6,800 (35–44), $6,000 (45–54), $9,000 (55–64), $13,000 (65+). Averages run $21,000 to $54,800, about 4.5× the median overall. Counting TFSAs, stocks, funds and bonds as well, the median non-pension financial savings were $15,700 under 35 and $50,000 at 65 and over. Source: Statistics Canada, Survey of Financial Security 2023, Table 11-10-0016-01.
How do your bank savings compare?
Pick your age and type what your family keeps on deposit at banks and credit unions (TFSAs not included).
For ages 35–44: Median $6,800 · Average $23,800. Type yours above to see where you land.
Median and average for each age are the figures in the bank-savings table on this page: Statistics Canada, Survey of Financial Security 2023, deposits per family unit among families holding deposits.
Average bank savings by age in Canada, 2023
Statistics Canada's "deposits in financial institutions", per family unit, for the families that hold deposits (94.7% of all families in 2023). TFSAs are a separate line in the survey and are not included here.
| Age | Median | Average | Median 2019 |
|---|---|---|---|
| Under 35 | $6,000 | $21,000 | $4,000 |
| 35–44 | $6,800 | $23,800 | $4,000 |
| 45–54 | $6,000 | $35,100 | $5,800 |
| 55–64 | $9,000 | $44,600 | $6,900 |
| 65+ | $13,000 | $54,800 | $10,900 |
| All ages | $8,400 | $37,500 | $5,800 |
Nominal dollars. Share of family units holding deposits in 2023: Under 35 95.6% · 35–44 93.4% · 45–54 95.6% · 55–64 94.2% · 65+ 94.7%.
Savings and investments outside a pension, by age
A wider measure: StatCan's "financial assets, non pension" adds TFSAs, stocks, mutual and investment funds, bonds and other financial assets to the bank deposits. RRSPs and workplace pensions are excluded; see the RRSP page for those.
| Age | Median | Average | Median 2019 |
|---|---|---|---|
| Under 35 | $15,700 | $58,600 | $8,800 |
| 35–44 | $21,000 | $81,200 | $12,800 |
| 45–54 | $25,200 | $145,900 | $16,200 |
| 55–64 | $30,800 | $201,800 | $23,400 |
| 65+ | $50,000 | $241,300 | $34,700 |
| All ages | $26,000 | $153,800 | $16,200 |
Why the average is 4.5× the median
Savings are concentrated. A minority of families, mostly older ones, hold large cash and investment balances, and they pull the average far above what a typical family has. At 45 to 54 the median family with deposits held $6,000 while the average was $35,100. When you compare yourself, use the median: half of families hold less.
Bank savings also change little with age until the 50s: the median stays between $6,000 and $6,800 from under 35 to 54, then rises to $13,000 at 65 and over. Long-term saving goes into homes, RRSPs and TFSAs instead, which is why the TFSA balance by age and RRSP balance by age pages show far larger numbers than a chequing account does.
See the whole picture
- Average net worth by age in Canada — savings plus home equity, pensions and investments, minus debts.
- Average investable assets by age — the money that could be invested, by age band.
- Net worth percentile calculator — where your total lands for your age.
Frequently asked questions
What is the average savings by age in Canada?+
Statistics Canada's Survey of Financial Security (2023) puts the median amount Canadians hold in deposits at financial institutions at $6,000 (Under 35), $6,800 (35–44), $6,000 (45–54), $9,000 (55–64), $13,000 (65+). The averages are much higher, $21,000 under 35 to $54,800 at 65 and over, because a minority of families hold large balances. Figures are per family unit, for those holding deposits (about 95% of families).
What is the average bank account balance in Canada?+
Across all ages, the median family unit with deposits at a financial institution held $8,400 in 2023, and the average was $37,500 (Statistics Canada, Survey of Financial Security). The average is 4.5 times the median, so the median is the better guide to a typical balance. TFSAs are counted separately in the survey and are not included in these deposit figures.
How much do Canadians in their 30s have in savings?+
In the 35–44 age band, the median family with deposits had $6,800 in the bank in 2023, and the median family's non-pension financial assets (deposits, TFSAs, stocks, funds and bonds together) were $21,000. Under 35, the figures were $6,000 and $15,700.
Did Canadian savings go up after the pandemic?+
Yes, in nominal dollars. Between 2019 and 2023 the median deposit balance rose from $5,800 to $8,400 across all ages (+45%), and under 35 from $4,000 to $6,000. These are not adjusted for inflation, which ran about 15% over the same four years.
Where does this data come from?+
Statistics Canada, Survey of Financial Security, Table 11-10-0016-01 (assets and debts by age group), 2023 reference year, released 2024-10-29. Ages are those of the family's major income earner. Medians and averages are for family units holding the asset. The survey runs every three years; the next results are expected around late 2027.
