“Freedom 55” — it’s a nice idea, retiring mortgage- and debt-free, ready to start a new chapter in your post-working life. Unfortunately, for many it’s an idea that is quickly becoming out of reach, as a new exclusive poll found that when it comes to retirement, Canadians are not confident about their future.
An exclusive Ipsos Reid survey for Global News found that half of those polled are not confident they’ll have enough money saved to retire comfortably. And it’s causing Canadians grief. In the same poll, four in 10 said saving for retirement is causing them a great deal of stress.
Only half of those polled (48 per cent) said they’re actually saving for retirement. Just 37 per cent of younger Canadians (under the age of 35) are saving for their golden years. According to Statistics Canada, in 2012 just 23.7 per cent of Canadian taxfilers contributed to an RRSP.
Even for those who do have an RRSP, the Ipsos poll found that 15 per cent dipped into their retirement savings early because they needed the money.
Not saving for retirement is one of the biggest mistakes Canadians are making with their money, say experts.
WATCH: The 6 biggest money mistakes Canadians make
Why aren’t Canadians saving (or saving enough) for retirement?
In many cases, they simply can’t afford it. A number of surveys from Canada’s big banks show that Canadians aren’t making RRSP contributions because of things like car payments and debt repayment.
This week on Global News’ Smart Money series, we’ll take a closer look at retirement, stories of Canadians who had to cash in their RRSPs to make ends meet, plus expert advice on saving for retirement, balancing retirement savings with expenses like child care, and more.
The data, summaries and commentary in exclusive Global News / Ipsos Reid polling are subject to copyright. The data, summaries and commentary may only be rebroadcast or republished with full and proper attribution to both Global News and Ipsos Reid in all web articles, on social media, in radio broadcasts and with an on-screen credit for television.
This Ipsos Reid poll was conducted between Jan. 29 to Feb. 3, 2015. A sample of 1,003 adults was interviewed via the Ipsos I-Say online panel. This poll is accurate within +/- 2.5 percentage points, 19 times out of 20.