While the rollout of vaccines has the world cautiously optimistic about an economic recovery, a Scotiabank survey shows the coronavirus pandemic has Canadians concerned about their retirement future.
According to the survey, 72 per cent of Canadians said they’re worried they’re not saving enough for retirement, while one-third (32 per cent) said they won’t be able to retire when planned due to the pandemic. And, 28 per cent of respondents reported they won’t be able to pay off their debt before they retire.
As well, just 32 per cent of the respondents plan to contribute to a retirement savings plan before the 2020 tax year contribution deadline, with more than half (56 per cent) noting they won’t be contributing and 12 per cent unsure. Almost half (47 per cent) of those surveyed stated they plan to contribute to a tax-free savings account this year.
The survey also revealed disparities in the level of optimism among Canadians. Men are more optimistic (62 per cent) about their financial futures, compared to women (48 per cent). And younger Canadians, between the ages of 18-34, are the most optimistic (68 per cent).