The dream of owning a home is not in fact dead for Canadian millennials 害羞草研究所� at least, for some 害羞草研究所� despite ever-present challenges to save money.

That害羞草研究所檚 according to a new poll released Tuesday by HSBC, which questioned 9,000 young people across nine countries 害羞草研究所� including 1,000 living in Canada.

About 34 per cent of millennials in this country already own a home, and eight in 10 of those who haven害羞草研究所檛 already made a down payment, plan to do so in the next five years.

The problem is that this group is still having a hard time saving, or isn害羞草研究所檛 bothering at all.

Almost 30 per cent of respondents in Canada reported having no savings plan, while 53 pre cent have an 害羞草研究所渁pproximate budget.害羞草研究所�

About 37 per cent of millennials who already own a home went to the 害羞草研究所淏ank of Mom and Dad,害羞草研究所� according to the survey, while about 20 per cent moved back in with their parents to save cash.

The group Generation Squeeze adds to the bleak picture: it takes millennials in B.C. about 16 years to save for a 20-per-cent down payment 害羞草研究所� more than a decade longer than it took in 1976. In Vancouver, it takes a further seven years.

害羞草研究所淭he reality is, it害羞草研究所檚 a challenge,害羞草研究所� Larry Tomei, executive vice president at HSBC said. 害羞草研究所淪o I can害羞草研究所檛 stress enough the importance of having a good plan that includes getting the right financial services advice and support before and after you buy.害羞草研究所�

When millennials finally buy a home, almost half of them struggle to stick to a budget within the first two years 害羞草研究所� often overspending, leading them back to Mom and Dad害羞草研究所檚 wallets.

More than half know saving would require spending less on leisure activities and going out. One third said they害羞草研究所檙e even prepared to delay having children.

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