Saving for retirement is a top priority for most Albertans, but nearly half (48%) aren’t meeting their goals, up from 40% in a July survey, according to the latest ATB Investor Beat.
Those who are falling short of their savings goals cite the cost of living and unexpected expenses as the top reasons they can’t stay on track.
Also, two-thirds of Albertans agree the drop in oil prices has had a strong impact on the province’s economy. And, 45% of those surveyed say they have been personally affected by the downturn—of this group, 41% have had their salaries frozen or reduced, while 19% have lost their jobs.
To deal with these hardships, 61% have reduced their spending. But, 23% have stopped saving regularly and 14% have withdrawn some of their long-term savings and investments.
However, there’s some good news: only 10% of Albertans say it’s not a good time to save or invest, while 31% say it’s still a good time to do so. Further, 84% don’t expect the saving and investing outlook to change over the next three to six months.
This article was originally published on Benefits Canada‘s companion site, Advisor.ca