Nearly three-quarters (74 per cent) of Canadians say rising inflation has increased concerns about having enough money saved for retirement, according to a new survey by the Bank of Montreal.
It found 47 per cent estimated they’re spending an additional $100 to $300 per month on necessities, while 34 per cent said their monthly expenses have increased by more than $300.
Read: More than half of Canadians fear outliving savings in retirement: survey
Thirty-one per cent said they’re contributing less to retirement savings, 27 per cent said they’re cutting back on spending to maintain their contributions and 17 per cent said they’ve postponed retirement savings entirely.
When asked how long their retirement savings will last, 30 per cent said they don’t know. Among those who provided an estimate, 22 per cent believe their savings will last between 10 and 19 years and 13 per cent believe their nest egg would last more than 30 years.
About three in 10 respondents said they plan to move to another city in retirement and half of those said they intend to relocate to another country. Among Canadians considering an international move, 58 per cent expect living costs to be lower and 32 per cent anticipate costs will be significantly lower, while 30 per cent believe retiring abroad will be more expensive.
Moreover, eighteen per cent of Ontarians said they envision retiring in another country, followed by 16 per cent in British Columbia, 16 per cent in Saskatchewan and Manitoba, 13 per cent in Alberta, 12 per cent in the Atlantic provinces and 11 per cent in Quebec.
Read: 46% of Canadian employees prioritizing spending over retirement savings: survey