(Oct. 30, 2014) It wasn’t that long ago that the dream of early retirement was in fact a waking reality. Now, however, for most Canadians it remains in the realm of slumber.
According to a survey by the Conference Board of Canada, not only has the dream of early retirement faded, for some Canadians, one in five, it doesn’t even exists, writes Bruce Constantineau in the Vancouver Sun.
“The survey of 1,656 adult Canadians — done in June — revealed that 60 per cent of respondents feel they have not saved enough for retirement, while 19 per cent agreed with a statement that ‘I will never retire,'” he writes.
One survey participant told the conference board that “I am so frightened and depressed I can’t bring myself to think about it.” That’s an attitude likely shared by many Canadians, with nearly 60 per cent of workers aged 55-64 feeling they haven’t saved enough for retirement, says Judith MacBride-King, the study’s lead research director.
“Most people point the finger squarely at themselves by admitting they just didn’t start saving early enough,” she is quoted saying.
While the dream of retirement is turning into more of a nightmare for older Canadians, younger Canadians seem to be getting the message that it’s never too early to save for one’s senior years.
“I think the message is getting out that we can’t rely on public pensions so much and we can’t rely on workplace pension plans as much as we used to,” MacBride-King is quoted saying. “The fact that one in four young people have actually developed a retirement plan is very encouraging, from my perspective.”
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