Three-quarters (76 per cent) of Canadians say they’ll need to work longer than their parents to become financially secure in retirement, a percentage that increases among millennials (85 per cent) and generation X (84 per cent), according to a new survey by Edward Jones Canada.
The survey, which polled more than 1,000 employees, found 82 per cent agreed their generation can learn a lot from older generations, a percentage that increased to 85 per cent among millennials.
A separate survey by Edward Jones, which polled more than 1,500 Canadians aged 50 and older who were either retired or within 10 years of retirement, found 58 per cent said they’re contributing to retirement accounts, but only 30 per cent said they’ve developed a thorough financial plan for retirement.
In addition, while more than two-thirds (68 per cent) of newly-retired respondents said they feel financially prepared for retirement, half said they often worry about outliving their money. Notably, just 21 per cent said they’re very prepared for retirement.
When asked what they would have done differently when preparing for retirement, retired respondents said they would have started saving earlier and put more money aside (40 per cent), reduced debt or paid off a mortgage (23 per cent) and/or educated themselves on how to manage and decumulate retirement savings (16 per cent).
“Making resilient choices is becoming more essential to pre-retirees and generations of future retirees who are not yet financially prepared to retire,” said David Gunn, president of Edward Jones Canada, in a press release. “Insight across generations can equip people planning to retire with the knowledge they need to enjoy their later years.”