The golden years are intended to be a period of relaxation, yet one quarter of retired Canadians are still struggling to manage their debt, according to a recent poll conducted on behalf of Toronto-based Sun Life Financial Inc.
Specifically, the national survey discovered that 25% of retirees are facing difficulty eliminating their debt. Often, the financial strain is a result of remaining mortgage payments. In fact, one-in-five retirees are still paying off their home purchases.
Aside from a mortgage, 66% of Canadian retirees have unpaid credit cards, 26% are still making car payments, 7% have unpaid health expenses, 7% owe money on holiday expenses or vacation property and 6% haven’t paid off their home renovations.
“Through our national survey, we took a moment to check-in with Canadians and gauge how they are stacking up when it comes to their finances,” says Jacques Goulet, president of Sun Life Financial Canada, in a statement.
“From credit card debt to a mortgage, retirees are faced with a list of expenses in life after work. We recognize that managing finances can be overwhelming, particularly for those who are no longer working.”
Goulet notes that a financial advisor can provide sound advice for retirees facing financial struggles surrounding debt.
The Sun Life findings are based on an Ipsos poll conducted between Oct. 13 and Oct. 19, 2017. The study polled 2,900 Canadians spanning an age range from 20 to 80.