Despite the financial challenges experienced by Canadians over the course of the coronavirus pandemic, 40 per cent said they’ve continued to save for retirement, according to a new survey by life insurance provider PolicyMe Corp.
More than half (54 per cent) of survey respondents said they’re adding to their emergency funds, while 48 per cent are paying down debt and 45 per cent are making regular contributions to their savings. On average, Canadians put 21 per cent of their income into savings and investments.
In addition, 67 per cent said they feel in control of their finances and 65 per cent described themselves as “financially resilient.” In 2021, survey respondents who described themselves as “financially resilient” were more likely to have paid off their mortgage (89 per cent), made regular contributions to a registered education savings plan (84 per cent) or a registered retirement savings plan or tax-free savings account (78 per cent), consulted with a financial advisor (75 per cent) and made a will or updated their end-of-life plans (72 per cent).
However, 42 per cent said they felt more financially stressed in 2021 compared to the previous year and households with children (47 per cent) were more likely to experience financial stress than those without children (39 per cent). Half (51 per cent) said they had to pull money from their savings or investments in order to afford unforeseen expenses.