![]() ![]() Among everyone surveyed, 44% said they haven’t set any money aside for retirement in the past year, an increase of 6% year over year. Having enough money for retirement is one of the major concerns survey respondents outlined. “These findings for older Canadians suggest a crisis might be looming ever closer if current economic trends continue,” Coletto said. “At a period in their life when they should be getting excited about retirement, because of inflation and raising interest rates they’re now considering whether they can retire when they had planned on and whether they should be pushing that day out.”Ībacus Data CEO David Coletto said in the press release that in the five years of conducting this survey, around 70% of respondents have consistently agreed that Canada is heading for a retirement crisis. ![]() “What really stood out for us this year and what was concerning is the older age group, and the fact that they’re just not as prepared for retirement as one would hope they would be,” said Zanardo. More than half of those surveyed aged 55 to 64 said if inflation keeps rising, they will have to push back their intended retirement date. “The picture is bleak for those older Canadians,” said Zanardo. ![]() The survey from HOOPP and Abacus Data released Thursday found that 44% of non-retired Canadians aged 55 to 64 have less than $5,000 in savings, with one in five from that group saying they have not set anything aside for retirement. The Bank of Canada last week raised its overnight rate to 4.75% after several straight months of holding it steady, citing the risk of sticky inflation. Inflation has been slowly cooling in recent months, but at 4.4% in April year over year it’s still more than double the central bank’s target rate of 2%. ![]()
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