Haventree Bank Report: 66% of Canadian Millennials Invest Monthly Despite Budget Constraints

Haventree Bank and Angus Reid have released the Millennial Money Report, revealing that 66% of Canadian millennials maintain monthly savings habits despite significant budgetary constraints. For fintech professionals, the data underscores a critical demand for registered accounts like TFSAs and RRSPs as this demographic prioritizes long-term retirement security over immediate liquidity.

What was announced

The Millennial Money Report highlights that while Canadian millennials are disciplined savers, the scale of their contributions remains modest. Two-thirds of respondents contribute to savings or investments at least monthly, with 42% doing so every paycheque. However, 69% save less than $10,000 annually, and 28% put away less than $2,000 per year. Registered accounts form the backbone of these efforts, as 58% of millennials hold the majority of their long-term savings in a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). In contrast, only 11% rely primarily on standard savings accounts.

The report also identifies significant barriers to wealth accumulation. Over half (55%) of respondents cited a lack of disposable income as their primary obstacle, far outweighing debt (16%) or a lack of financial knowledge (8%). Despite these constraints, 60% describe themselves as saving aggressively or steadily for retirement. Investment priorities are split: 29% prioritize wealth growth even with risk, while 20% focus on safety and protection. Notably, skepticism toward emerging technology remains high; 66% of millennials are wary of using AI for financial decisions, and only 3% trust AI-driven advice without verification.

Coinciding with these findings, Haventree Bank confirmed it will expand its digital banking suite in November. The update will introduce registered products, including TFSAs, First Home Savings Accounts (FHSAs), and RRSPs, specifically targeting the savings behaviors identified in the study. This move aligns with the finding that 57% of millennials currently keep their savings with a single primary financial institution.

The companies involved

Haventree Bank is a Schedule 1 Canadian bank that has recently pivoted toward a direct-to-consumer digital strategy. Historically focused on mortgage lending and specialized financial services, the institution has been modernizing its infrastructure to compete more directly with Canada’s "Big Five" banks and established neobanks. The bank operates under the leadership of Fern Glowinsky, who serves as President, CEO, and Director. By positioning itself as a digital-first alternative for registered accounts, Haventree is attempting to capture a larger share of the millennial wallet, moving beyond its traditional lending roots into a more comprehensive wealth management and daily banking role.

The research was conducted in partnership with Angus Reid, a prominent Canadian research and data firm. Angus Reid frequently collaborates with financial institutions to track consumer sentiment and economic trends across North America. For Haventree, this partnership serves to validate its expansion into the broader retail deposit and registered investment market, providing the empirical basis for its upcoming product launches in the digital banking space.

What FF News has reported before

FF News previously covered the bank’s technological evolution in Canada’s Haventree Bank Selects Temenos to Scale Lending and Banking Services, which detailed the adoption of a cloud-native core banking platform. This foundation enabled the subsequent launch of its consumer-facing app, reported in Haventree Bank Challenges Traditional Banking with New Direct-to-Consumer Digital Platform.

The broader Canadian economic climate has been a recurring theme in recent months. FF News reported on an EQ Bank Survey: 64% of Canadians Pause Major Milestones Amid U.S. Trade Tensions and Economic Uncertainty, which mirrors Haventree’s findings regarding financial caution. Additionally, the PolicyMe 2026 Study Reveals Canadian Life Insurance Surge Driven by Gen Z and Young Adults highlighted a similar trend of younger demographics seeking security through structured financial products.

What this means

The findings suggest a maturation of the millennial financial profile, shifting from speculative assets toward tax-advantaged, long-term vehicles. For the Canadian fintech sector, this indicates that "gamified" trading or high-interest savings accounts alone are no longer sufficient to retain this cohort; the battleground has moved to RRSPs and FHSAs. The high level of AI skepticism also serves as a reality check for firms rushing to replace human-centric guidance with automated bots. While millennials are digitally native, they remain deeply conservative regarding the source of their financial advice, prioritizing verified accuracy over technological novelty. This creates an opening for mid-sized banks to gain ground if they can balance digital ease with perceived reliability.