Canadians want to save for retirement but say the rising cost of living and debt repayment are making that difficult, according to a survey commissioned by Winnipeg-based IG Wealth Management.
The survey of more than 1,500 Canadians found that 80% of respondents indicated the rising cost of living was a barrier to saving for retirement. About 38% said they put off saving for for that goal to repay debt instead, while 18% said they preferred to enjoy their current lives.
Nearly half of of non-retired Canadians (46%) said they prioritize spending on their current needs and wants, despite many wishing to save for retirement to travel or take on other hobbies.
“Rising costs and mounting debt repayment challenges often undermine Canadians’ ability to save for retirement,” said Christine Van Cauwenberghe, head of financial planning at IG Wealth Management, in a release.
On average, those surveyed said they spend roughly 67% of their income on basic living expenses, 20% on leisure activities and 12% on retirement. One-third said they expected to work in retirement to afford basic living expenses, supplement income or maintain social connections.
The survey also found that about 38% of respondents would prioritize travel in retirement, one-third would focus on hobbies and 17% saw themselves working part-time or consulting.
Pollara conducted an online survey of 1,511 Canadian adults who are not retired in December 2024. The data was weighted using the most current gender, age and region census data.