Canadians Stressed, Anxious About Retirement Savings

Franklin Templeton Investments Canada took a look at retirement realities in its 2018 Retirement Income Strategies and Expectations (RISE) survey.

Its findings aren’t terribly upbeat.

Some highlights include:

  • Sixty-five percent of Canadians are stressed and anxious when they think about their retirement savings and investments.
  • Twenty percent have saved nothing for their retirement, and about half of 50 to 65-year-old Canadians have saved $100,000 or less for retirement.
  • Twice as many Ontario and Quebec residents have saved nothing for retirement, compared to Manitoba residents (31 per cent each versus 15 per cent).
  • More than half (53 percent) of pre-retiree Canadians worry about outliving their assets or having to make major sacrifices in their retirement, and 61 percent of those still working experience stress and anxiety when thinking about their retirement savings and investments.
  • Thirty-nine percent of pre-retirees expect their expenses to decrease in retirement, yet 57% of retirees say that their expenses have either stayed the same or increased in retirement.

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