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

That含羞草研究社檚 according to a new poll released Tuesday by HSBC, which questioned 9,000 young people across nine countries 含羞草研究社� 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含羞草研究社檛 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含羞草研究社檛 bothering at all.

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

About 37 per cent of millennials who already own a home went to the 含羞草研究社淏ank of Mom and Dad,含羞草研究社� 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 含羞草研究社� more than a decade longer than it took in 1976. In Vancouver, it takes a further seven years.

含羞草研究社淭he reality is, it含羞草研究社檚 a challenge,含羞草研究社� Larry Tomei, executive vice president at HSBC said. 含羞草研究社淪o I can含羞草研究社檛 stress enough the importance of having a good plan that includes getting the right financial services advice and support before and after you buy.含羞草研究社�

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

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

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