Canadians Fretful About Retirement
September 14, 2008
Nearly 30% of Canadians nearing retirement are not confident they have saved enough to maintain their standard of living once they leave the workforce. According to a survey by Statistics Canada, 19% of respondents aged 45-59 expect their retirement income to be “barely adequate.” Another 9% said it would be “inadequate” or “very inadequate.” Nearly three in 10 respondents said they do not receive financial advice.
Those with pension coverage are more confident about retirement income than those without, according to the survey. About one-quarter of the respondents—most of whom were within 10 to 15 years of retirement—said they did not understand the country’s public retirement programs, such as the Canada Pension Plan.
“For individuals who are further away from retirement, that information may not seem as pertinent to their lives and they may not be seeking it out,” Statistics Canada senior analyst Grant Schellenberg said. More than half of the respondents said they expected to retire before 65.
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