A third of working Canadians have no retirement savings: poll

December 14, 2016 Advisor.ca

By: Staff

Three in 10 Canadians currently working say they haven’t saved a cent for retirement, finds a poll by Insights West and Credential Financial.

The survey also found 18% of retirees say they have to work in retirement to support themselves and nearly a third enter retirement with more debt than they had anticipated.

“Data further shows this lack of preparation may stem from a belief that working Canadians believe they have longer to plan for retirement than they actually do,” a release says.

At the same time, 62% of Canadian retirees say they retired earlier than expected.

Retirees who worked with a financial planner were 14% more likely to say they have enough money to support themselves through retirement years without the need to work, the survey says.

The firms polled 403 Canadian adults who have retired and 704 Canadian adults who are still in the workforce, between October 19 and 26.