More Canadians are considering delaying their retirement due to the worsening economic situation, a recent survey has found.
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For example, according to a survey by Angus Reid on behalf of financial advisor Advisorsavvy and debt consolidation firm Bromwitch and Smith, nearly half of adults aged 55 and over have changed or plan to change their retirement plans due to rising inflation due to rising cost of living.
“It’s a combination of several factors. [avec] pandemic, war [en Ukraine] and inflation. People are feeling inflation, whether it’s at the pump, at the grocery store, or just in general housing costs,” Advisorsavvy founder Saul Amos said in an interview with Global News.
But inflation isn’t the only thing motivating older people to stay in the labor market longer. Lack of savings (over 60%), fear of lack of money (over 70%) and the need to support children financially (over 25%) are important tangents in retirement planning.
In addition, more than six out of ten people fear that they will never be able to enjoy their retirement.
In light of these revelations, Mr. Amos suggests that people suffering from retirement anxiety consult a financial management professional such as a financial planner, investment advisor or licensed bankruptcy practitioner.
The survey was conducted online June 9-12, 2022 with 1,519 Canadians.