Many Manitobans to delay retirement due to pandemic struggles, says new survey

Some Manitobans may have to put off retirement thanks to the financial troubles the pandemic has brought to many families.

A Scotiabank survey says 39 per cent will have to adjust when they retire compared to original plans.

Eighty per cent feel they are not putting enough money towards retirement, which will cause them to keep pushing back when they will stop working.

Across Canada, 28 per cent believe they will be paying off debts when their retirement date comes around.

When it comes to investing, almost two-thirds are not sure how to invest because of their current climate.

“As Canadians continue to deal with the financial implications of COVID-19, it’s understandable they feel unsure about how to approach their investments,” said D’Arcy McDonald, senior vice-president of deposits, investments and payments at Scotiabank. “Seeking financial advice has never been so important to help ensure Canadians remain on track to meet their financial goals.”

There are two things people can do to always stay on top of their financial futures, according to Scotiabank.

• Identify your goals. Are you saving for retirement, your kids’ education, a big purchase? Having clear goals will better help determine the right investment plan.
• Seek financial advice. Your advisor will discuss your goals, risk tolerance, time horizon, investment options and can develop a plan that’s tailored specially for you.

Men are also feeling better about their money than women.

Some brighter news to come out of the survey: those who are further away from retirement are actually feeling pretty good about the future. Sixty-eight per cent of those aged 18 to 34 feel optimistic about how their money situation is looking.