With high interest rates and the rising cost of living, a survey from Co-operators indicates that Canadians, especially those who rent or have mortgage payments, are managing these pressures by putting off saving for retirement.
Seventy-seven per cent of renters polled said they have either not starting saving or have less than they planned saved.
Over half of those with mortgages at 51 per cent, have also saved less than planned.
President and CEO of Co-operators, Rob Wesseling, says, “This is a clear signal that today’s economic strain is jeopardising the long-term financial security of most Canadians.”
Forty-three per cent of renters are unsure how they will fund their retirement.
Thirty-eight per cent of renters and 48 per cent of mortgage holders expect they will have to work with full or part-time past the age of 65.
Co-operators states in a news release that having a plan is a critical part of reaching short and long-term financial goals and urges everyone to seek the advice of a licensed financial professional who can help you build a plan.