Canadian millennials are more optimistic about their ability to afford their ideal retirement lifestyle compared to baby boomers, according to a survey released Wednesday by Bank of Montreal.

The survey found that 47% of millennial respondents (aged 18-34) are positive about their ability to afford their ideal retirement lifestyle, compared to just one-third of boomers (aged 50-68).

In addition, millennials reported that they feel they would need, on average, more than $400,000 saved to live their ideal retirement lifestyle; $60,000 more than boomers reported.

When comparing retirement savings targets, as well as RRSP savings to date for both age groups, millennials reported they would need an average of $441,610 saved for retirement. Millennials currently have an average of $15,194 saved in their RRSPs.

Boomers said they would need an average of $385,184 saved for retirement, and currently have an average of $65,394 saved in their RRSPs.

“Millennials are in an age category where they feel they have enough time to accomplish their retirement goals, whereas for boomers retirement is just around the corner, says Chris Buttigieg, senior manager, Wealth Planning Strategy, BMO Financial Group. “Millennials will soon find out that there will be many other priorities and life goals that will start to tug at the purse strings.”

Buttigieg says millennials should take heed of any lessons learned from their parents on what works and what doesn’t with saving for retirement including managing debt, seeking professional financial advice and saving earlier in life.

“The issue of time is an important one with retirement planning,” says Buttigieg. “There has been research focused on the benefit of saving and planning. What we have seen is that 72% of Canadians say they should have started saving for retirement before the age of 30, but only 41% actually did.”

The study also identified the biggest concerns of both groups about retirement. The top worry for both millennials and boomers is not having enough saved to do all the things they want to do in retirement (40%and 44% respectively).

Other worries identified included: Declining physical abilities and mobility, poor health and/or the prospect of dying , spending more money than they had planned and being bored.