Young Canadians want to save for retirement despite high cost of living: survey

And even with the Bank of Canada’s most recenton Sept. 6 stating it was holding its key interest rate steady at 5.0 per cent, financial pressures haven’t subsided after previous multiple hikes.

The Healthcare of Ontario Pension Plan survey, commissioned by Abacus Data, also indicates Canadians under 35 recognize the value of a workplace pension plan to prepare for their golden years — with 51 per cent stating they’d forego a job with higher pay for a better pension. “If you’re under the age of 35, people say, ‘Oh, you’ve got 30+ years before you’ve really got to worry about retirement.’ But we know that particularly those that don’t have a workplace pension, they’re going to have to figure this out on their own. And that means starting as soon as they possibly can,” said Abacus Data chair and CEO David Coletto.

The survey also reveals 51 per cent of respondents under 35 say they’re living beyond their means — and it’s not by choice. Within this, 69 per cent of Canadians under 35 say they’re most concerned about daily living costs, 67 per cent say their main concern is inflation, and 65 per cent indicate their biggest worry is housing affordability.But to save is to have money left over to put aside. These hurdles are where the challenge lies for many, including for Halton, Ont.

“I’m not putting away as much as I should,” he said. “Maybe if you cobble together, like all of the employer matching for myself and my wife and whatever projected living expenses will be at retirement, we’re probably hitting that goal.”Devine told Global News his family started to feel a lot of financial burdens during the COVID-19 pandemic, when Canada really started to see the cost of essentials sharply increase.

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