Staff
For 40% of Ontarians, saving for retirement is taking a back seat to servicing their debts.
According to a study released by Meridian, 21% of Ontarians say their top financial priority is paying off debt, while 19% say it is to pay down their mortgage. An additional 10% say their top financial priority is to stop having to live paycheque to paycheque.
Of the 21% of respondents who say they have yet to start saving for retirement, 52% say they are focused on paying off debt, 51% say they can’t afford it, and 49% indicate that saving for retirement is not a priority for them at the moment.
The study also reveals the following:
- RRSPs (75%), pension plans from work (58%) and tax-free savings accounts (50%) are the most popular retirement savings products held by Ontarians;
- today’s Ontarians plan to retire at 62 years of age, while current retirees, on average, retired at 59 years of age;
- 41% of those who have not yet retired say they are confident that they are on track to retire at the age they want; and
- 18% say they expect some sort of inheritance to help with their retirement needs.
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