Thus, one in three Canadians (37%) say they are putting less money into retirement savings, while 38% of members of Generation Z say they are postponing their retirement savings payments.
For their part, nearly half of baby boomers (44%) plan to work longer than expected to compensate for their reduced ability to save for retirement.
The same survey indicates that millennials estimate they need $2.1 million to retire. On the other hand, workers closest to retirement, aged 45 to 70, estimate that $1.3 million will be enough to retire. On average, Canadians consider they need $1.7 million in retirement.
Men are more likely to be confident that they will have enough money to retire than women. 67% of men are optimistic while 56% of women are. However, men consider they need much more money than women to retire: on average, they say they need $2 million, while women aim for $1.3 million.
Another poll, conducted in Ontario by the Financial Services Regulatory Authority of Ontario (FSRA), shows that economic conditions have shaken up the order of Canadians’ priorities, with 81% of people now more concerned about paying for goods basic necessities like groceries, rent and mortgage than through retirement savings.
2024-02-13 08:38:19
#Inflation #discourages #retirement #savings #Benefits
