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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





30 September 2019

Many Canadians are not financially ready for retirement

The recent survey by BDO Canada Ltd. shows that more than half of Canadians have to live paycheque to paycheque. In addition to it, more than a third don’t have retirement savings, which makes them work longer than they expected.

According to the poll of 2,047 Canadians, 53% of respondents had not enough of disposable income and a quarter of Canadians face debt challenges. More respondents (57% compared to 53% a year ago) have credit card debts. A third of borrowers are not able to pay off their credit card debts, and 40% have non-mortgage debts exceeding $20,000.

“Affordability issues and debt difficulties keep affecting the Canadians,” - Doug Jones, president of BDO noted. “In time, the cumulative effects influence financial goals significantly.”

The growing anxiety appears even amid the national inflation rate around the Bank of Canada 2% target, while stock markets also enjoy the longest bull run for more than ten years.

However, the worries about recession have become stronger recently, supported by an inverted yield curve when longer-term interest rates are lower than shorter terms. Moreover, real estate prices are on the rise again in most parts of Canada even amid cooling measures introduced in 2018.

“More Canadians in their 40s and 50s are financially not ready for retirement or unexpected costs,” -Jones noted. “As a result, they may have to rely on debts more when it comes to covering the living expenses.”

A growing number of Canadians say that younger generations will need to work longer in order to make ends meet (82% vs. 75% in 2018). The number was also up from 64% to 69% in case of those who believe they won’t have enough for their retirement even if they try to save.

“The previous several years have been quite difficult for Canadians,” - BDO said, noting we may see more issues in the nearest future. “In case we want to change the tendency, the Canadians need to search for more ways of coping with their debts and reaching the future financial goals.”

 

 

 

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