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.
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.
