A survey conducted by the Canadian Payroll Association, recently covered in this Benefits Canada article, takes a look at how working Canadians feel about the economy, debt, and their retirement plans. The results were insightful and provide some interesting considerations as workers spend, save, and plan for their retirement.
Some of the most significant data from the survey includes that 35% of working Canadians feel overwhelmed by debt, and that 47% of those currently employed live paycheque to paycheque. If those numbers sound familiar to you, you aren’t alone. Many of those surveyed explained that while their spending is up and saving is down, this is primarily due to the rising cost of living. Furthermore, only 39% of respondents said they expected the local economy in their area to improve.
So, what does that mean for the individual worker when it comes to savings and, more specifically, retirement? While 25% of those surveyed said they could not find $2,000 in any given month for an emergency expense, 74% said they have only saved one quarter (or less) of what they estimate will be needed for retirement. Ultimately, that left 46% of respondents feeling like they will have to work longer than they planned to five years ago.
The good news is that there are ways to achieve both debt reduction and your savings goals, including saving more efficiently for retirement. At BlueRock Wealth Management, we can tailor a financial plan to your individual needs and specific financial situation. Our experienced advisors will work with you to achieve your financial goals, including feeling confident about your retirement planning. Contact us today to schedule an appointment.