Many Canadians believe the pandemic could force them to delay their retirement: survey
Published October 22, 2020 at 10:57 pm
With several businesses forced to close, and a significant number of Canadians out of work due to the pandemic, many are concerned about their future.
According to a recent survey from CIBC, 40 per cent of Canadians are worried about the effects of the pandemic on their savings and retirement plans, while 23 per cent have been unable to contribute to their retirement nest egg since it began.
Additionally, many believe they’ll have to adjust their plans for their post-work lives—32 per cent of respondents said they no longer plan on travelling or will travel much less than they have previously planned.
Further, many believe their retirement will be more expensive and potentially delayed—30 per cent said they believe they’ll have to retire later due to the loss of their household’s income, while 26 per cent said they believe the pandemic has significantly increased the cost of their retirement.
However, of those who have been impacted financially by the pandemic, 24 per cent said it made them realize they can live with less and will significantly reduce their discretionary spending in the long-term.
Moreover, 20 per cent of Canadians said the pandemic has taught them to pay more attention to their personal finances.
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