Three-quarters (75 per cent) of Canadians nearing or in early retirement said the coronavirus pandemic has them more concerned about their family’s financial security and well-being, according to a survey by Ipsos for Ryerson University’s National Institute on Ageing and HomeEquity Bank.

Among respondents aged 55 to 69, 77 per cent expressed worry about their financial health, including 79 per cent of women. Eighty per cent of the same age cohort said their retirement income from sources including their personal registered retirement savings plans, the Canada/Quebec Pension Plan and old-age security benefits won’t be sufficient for a comfortable retirement. For example, an individual relying on the average CPP/QPP payment plus OAS benefits and the guaranteed income supplement would receive around $1,730 per month, according to a press release.

Read: A quarter of Canadians delaying retirement due to pandemic: survey

“These figures serve to demonstrate the disconnect when it comes to retirement financial security,” said Bonnie-Jeanne MacDonald, the association’s director of financial security research, in the release. “Canadians retiring today are likely going to face longer and more expensive retirements than their parents — solving this disconnect will need better planning by people and innovation from industry and government.”