Almost three-quarters of employees (74%) said they have saved less than a quarter of their retirement savings goal. “This is particularly troubling when you realize that 71% of the respondents are over the age of 35, with the bulk in their main saving years between 35 and 54,” states Dianne Winsor, CPM, Chairman of the CPA.Source: Canadian Payroll Association News Release (September 8, 2011)
Another significant finding – half (50%) of employees across the country reported that they are saving 5% or less of their net pay. This is well below the 10% of net pay that financial planning experts generally recommend as a retirement savings rate.
Sunday, September 11, 2011
Canada: Survey Finds Canadians Needing To Delay Retirement Because of Lack of Savings
According to a survey conducted by the Canadian Payroll Association, 40% of Canadians said they now expect to retire later than they previously planned, and the primary reason (cited by 40%) was "I'm not saving enough money for retirement." Furthermore, the CPA survey found 57% of those surveyed said that they would be in financial difficulty if their pay was delayed by even a week.