Compared to this time last year, 53% of Canadian 60 an over feel less secure about their financial future, according to a recent Angus Reid Strategies study commissioned by Canadian Home Income Plan (CHIP).

In addition to concern over financial security, Angus Reid found that 37% of respondents who are not yet retired have been forced to delay retirement plans due to the current economic situation. Further, 44% of Canadians over 60 are worried about their homes decreasing in value. This concern is felt most in the Maritimes (55%) and in Ontario (52%).

“While this study was conducted before the federal budget was delivered and is a reflection of considerable concern by seniors about their financial future, it’s encouraging to see that there are a number of measures in the federal budget that will help seniors manage their finances”, says Steven Ranson, president and CEO, Canadian Home Income Plan Corp.

“These measures include the changes to tax brackets, increase on the senior age credit, and the home renovation tax credit. While we believe that government action is certainly part of the solution, it is also up to private sector participants like CHIP to ensure that Canadian seniors continue to benefit from financial solutions that meet their needs,” adds Ranson.

When it comes to the present state of the stock market, a 68% of survey respondents are concerned about investment losses in 2009. Forty-one per cent of those in the 60-65 age group said they are very concerned about investment losses this year.

The national poll also found that access to credit is a rising concern, with one-in-five Canadian seniors worried about getting credit access, compared to this time last year. One in 10 respondents with a household income below $50,000 said they have sought more credit as a result of today’s economic climate.

The troubled economy has also led 15% of seniors to consider downsizing or selling their home, according to Mario Canseco, vp of public affairs at Angus Reid. “Almost one-in-five respondents living in households with a yearly income of less than $50,000 are considering this as an option,” he says.

Canadian seniors indicated that the No. 1 financial challenge experienced by family members is cutting back on day-to-day spending (42%), and among the 60-65 age group, 16% have family members who have withdrawn money from savings and retirement accounts.

From Jan. 20 to 21, Angus Reid Strategies conducted an online survey among 1,000 randomly selected Canadian adults over the age of 60 who are Angus Reid Forum panelists. The margin of error – which measures sampling variability – is +/- 3.1%, 19 times out of 20.

IE