{"id":423904,"date":"2021-06-17T11:24:38","date_gmt":"2021-06-17T15:24:38","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/?p=423904"},"modified":"2021-06-17T11:24:38","modified_gmt":"2021-06-17T15:24:38","slug":"household-savings-may-be-up-but-retirement-savings-are-down","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/research-and-markets\/household-savings-may-be-up-but-retirement-savings-are-down\/","title":{"rendered":"Household savings may be up, but retirement savings are down"},"content":{"rendered":"<p>Many households have seen their savings skyrocket during the pandemic \u2014 but that hasn\u2019t necessarily translated to an increase in retirement savings.<\/p>\n<p>According to a <a href=\"https:\/\/hoopp.com\/home\/pension-advocacy\/research\" target=\"_blank\" rel=\"noopener noreferrer\">survey<\/a> from the Healthcare of Ontario Pension Plan (HOPP) and Abacus Data, 46% of Canadians said they saved more money during Covid-19 than they otherwise would have. But more than half (52%) of those people said they\u2019d saved nothing for retirement.<\/p>\n<p>Overall, 63% of Canadians said they\u2019d saved nothing for retirement last year \u2014 up from 58% in the previous year\u2019s survey.<\/p>\n<p>Just under half (48%) said they were \u201cvery concerned\u201d about not having enough money to retire, making retirement woes a bigger concern than physical health (44%), mental health (40%), debt load (31%) and job security (26%).<\/p>\n<p>Lower-income earners were more worried about saving for retirement than people with higher incomes.<\/p>\n<p>The survey found that 52% of respondents making $50,000 or less were \u201cvery concerned\u201d about saving for retirement, compared with 42% of respondents earning more than $100,000. Overall, 36% of respondents said they were living paycheque to paycheque.<\/p>\n<p>Two-thirds of respondents said a retirement crisis is coming, and 65% said saving for retirement is prohibitively expensive.<\/p>\n<p>Given those numbers, it may come as no surprise that most respondents said they\u2019re depending on their employers when it comes to retirement savings.<\/p>\n<p>Seventy-one per cent said they\u2019d forgo a higher salary for a better workplace pension, and 85% said they believe employees should have access to an affordable retirement savings plan. Seventy-seven per cent said employers have a responsibility to offer a pension plan.<\/p>\n<p>HOPP commissioned Abacus to survey 2,500 adults in Canada from April 19 to April 27. The margin of error for the survey is + \/ &#8211; 1.96, 19 times out of 20.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most people who saved more last year said they saved nothing for retirement<\/p>\n","protected":false},"author":148356,"featured_media":395218,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2312,2313],"tags":[2346,2601],"yst_prominent_words":[6567,84558,84557,72331,41820,18425,15949,11048,11047,10787,10380,8400,6263,6045,6044,5442,5323,5314,5308,5088],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/423904"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/148356"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=423904"}],"version-history":[{"count":5,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/423904\/revisions"}],"predecessor-version":[{"id":423910,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/423904\/revisions\/423910"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media\/395218"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=423904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=423904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=423904"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=423904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}