Managing their personal finances is a challenge for a significant number of Canadians, aged 55 and older, according to a national survey conducted for the Chartered Professional Accountants of Canada (CPA Canada).
The survey found that 50 per cent of respondents appear to be meeting their monthly expenses with relative ease. However, one quarter of those surveyed are experiencing some level of difficulty.
Looking ahead, 22 per cent expect their financial situation to improve in 10 years, 38 per cent anticipate it will be the same and 31 per cent predict it will deteriorate.
Kelley Keehn, author of CPA Canada’s A Canadian’s Guide to Money-Smart Living, says the good news is that while there are obvious advantages to saving earlier, it is never too late to make financial gains. With the expenses of child-rearing and the bulk of mortgages managed, Keehn says, “many individuals don’t really start to save aggressively until their 50s and older.”
Survey respondents were asked what they would have done differently to prepare for their retirement years. Saving more money was the top response cited by just under half (46 per cent) of the participants.
“With experience comes wisdom so it is no surprise that many respondents wished they had saved more,” says Cairine Wilson, vice president, corporate citizenship, CPA Canada.
A majority of the respondents (60 per cent) expect their savings and income to be sufficient to last the rest of their lives. Unfortunately, just under a third (30 per cent) of those surveyed are not as optimistic.
The survey participants also were asked about the types of fraud that they are most concerned about. Identity theft, credit card fraud and debit card fraud are the three primary concerns identified.
The telephone survey involving 1,022 Canadians, aged 55 and above, was conducted by Nielsen between Aug. 21 and Sept. 2. Results are considered accurate to within plus or minus 3.1 per cent of the population, 19 times out of 20.