That Canadians aren’t saving enough for retirement message has been repeated many times over the past few years, but a recent study from the Canadian Payroll Association (CPA) shows that almost half of working Canadians are living paycheque to paycheque, and that one-in-four dosn’t feel that they could scrape together $2,000 should an emergency occur in their lives. When life is that financially unstable and chaotic, where exactly are retirement savings supposed to come from?
The annual survey uncovered a few more uncomfortable results. Of the 5,600 working Canadians surveyed, 39% felt overwhelmed with debt, and 76% have saved less than 25% of their retirement goal.
Also surveyed were respondents’ thoughts on when they might be able to retire: 45% said that they agreed with the statement, The age at which I expect to retire changed in the past five years. I will now have to work longer.
It appears many Canadians are having to rethink their retirement dreams—and are more concerned with getting through the next month than they can be about their golden years.