Three-Quarters of Us Worry About Paying for Retirement

A recent poll showed that one in 10 Canadians have no retirement savings


By Jennifer Hughes

Photo: iStock/CREATISTA.

In our Oct. 28 newsletter, we reported that four in five people surveyed in a recent poll commissioned by the Healthcare of Ontario Pension Plan said they’d rather have a better pension than a higher salary. Saving for retirement can be difficult, and poll after poll has shown that Canadians worry about having enough money to fund their retirement years. Now a CIBC poll reveals that 77% of Canadians aren’t confident that they’ll have enough money to get by when the time comes.

The CIBC poll surveyed more than 1,500 retired and working adults who and found that fewer than one-third (29%) have a retirement plan and a quarter of those who do have a plan (26%) aren’t sure that it will provide enough to support them; 11% admitted to having no savings at all and said they expect to rely exclusively on Canada or Quebec Pension Plan and Old Age Security benefits.

Half of those polled (53%) said they were worried about having to pay for unexpected health problems, while 45% are concerned about inflation and the rising cost of living; over one-third (35%) worry that they’ll outlive their savings.

Setting goals and creating budgets can go a long way towards getting you financially set for retirement. Half of those polled (51%) said that they are “more than happy” to cut costs in order to make their savings last longer during retirement.

“Good planning can be the difference between getting by and living the life you truly want in your retirement,” senior vice-president with CIBC Kathleen Woodard told the press.

The poll was conducted in August for CIBC by Maru/Blue, a market research community.