The majority of Canadians aged 50 and over report stable, if not improving financial wellbeing, a survey from the National Institute on Ageing’s (NIA) found.
The institute’s third annual Ageing in Canada survey asked nearly 6,000 older adults across the country’s 10 provinces about their financial security, social well-being, and health and independence. It focused only on Canadians living at home in their communities, rather than in institutional long-term care facilities.
Nearly two-fifths (39%) of respondents said their income was good enough to save, up from one-third in 2023 and 2022. Those aged 80 or over were more likely (55%) to have enough income for savings than those aged 50–64 (32%), the survey revealed.
Still, 24% of respondents said they had $5,000 or less saved up for retirement.
Meanwhile, about one-third (34%) said they could afford to retire when they wanted, about the same as in 2023 and 2022.
Social loneliness and isolation levels were relatively steady since 2022, with 43% of Canadians aged 50 and over at risk of social isolation and 59% somewhat or very lonely, the survey found.
About half (52%) of respondents said they participated in social activities as often as they liked to, with lack of funds and activity cost (42%) and personal health (31%) being the top reasons for limiting engagement.
Nearly three-quarters (72%) of those who were struggling financially were found to have weak social networks, the survey also found.
Access to health care remained nearly stagnant between 2022 and 2024 across all age groups and almost all income levels. Respondents said access to health care worsened in all provinces by three to six percentage points except Quebec, which improved by one percentage point.
The survey was conducted online between June 5 and July 12, 2024, with a representative sample of 5,875 Canadians aged 50 and older. It was developed in partnership with the Environics Institute for Survey Research.