While a majority (75 per cent) of Canadians are making their financial wellness a priority in 2022, only 52 per cent expressed confidence about the retirement plan they have in place and fewer (43 per cent) were confident they’re saving enough to retire how and when they want, according to a new survey by the Canadian Imperial Bank of Commerce.
“After a challenging few years with the pandemic, it’s great to see Canadians focusing on their financial wellness,” said Carissa Lucreziano, vice-president of financial and investment advice at CIBC, in a press release. “However, there is value in long-term planning and professional advice [of which] many Canadians are missing out.”
The survey, which polled more than 1,500 adults, found more than half (55 per cent) said they believe their overall wellness is directly tied to their finances. However, the vast majority (88 per cent) of non-retirees surveyed said they don’t have a formal and detailed plan for retirement. Women respondents were also more likely (38 per cent) than their male counterparts (29 per cent) to indicate that they don’t have an investment portfolio.
And although 83 per cent of respondents said they don’t want to be a burden to their loved ones in their retirement years, just five per cent noted they expect to have a retirement planning discussion with a financial advisor in 2022.