Millennials believe they need more money to retire than baby boomers and women believe they need less money than men do, in order to retire. Those are some of the tidbits from the BMO 10th Annual RRSP Study.

The Director of Multi-Asset Solutions with BMO Global Asset Management says ultimately the take-away from that kind of information in the survey is that people just don’t know how much they need to save for their retirement years.

Although Robert Armstrong does point out what they do note is that millennials are much more conservative investors using shorter term investment products like G-I-Cs which means they will have to actually put in more money to make it through retirement.

As far as women saying they need less money to retire, Armstrong suggests the flip side of that is that men need more cash to resources to retire but the reality is women live longer than men and women generally will need more money than men in their retirement.

Nationally the average amount held in RRSPs rings in at $111, 922. On the prairies, it is the region which has accumulated the lest amount held in RRSPs at $92, 127 dollars.