About a third (36 per cent) of working Canadians and 21 per cent of retirees aren’t confident how much money their retirement income sources will provide them in the future, according to a new survey by Mackenzie Investments.

Fortunately, a majority (79 per cent) of retirees said they’re very or somewhat confident their retirement income sources will provide them with enough money for retirement, while 57 per cent of those who are still working said they expect to continue doing so in retirement. More than half (57 per cent of working Canadians and 51 per cent of retirees) said they’re either very or somewhat concerned about market volatility when it comes to their retirement savings.

Notably, employed respondents said they need to save $697,000, on average, before they reach retirement, compared to the $327,000, on average, saved by retired respondents. And respondents currently working said they’ll need $1,000 more per month to live during retirement than current retirees do.

Read: Canadian near-retirees expect to outlive savings, postpone retirement, finds survey

The survey also found 69 per cent of all respondents said the coronavirus pandemic has had no impact on their retirement. Indeed, 59 per cent of working respondents and 62 per cent of retirees said they’ve made no changes to their retirement portfolios since the onset of the pandemic. On the other hand, 34 per cent of employed respondents and 31 per cent of retirees said they saved more over the course of the pandemic.

“Canadians are saving, but the survey shows there’s still a huge gap between what people think they’re going to need in retirement and what they’ve saved,” said Ron Hanson, head of retirement at Mackenzie Investments.

When asked about the sources of income they expect to rely on in retirement, 35 per cent of working respondents and 42 per cent of retirees cited workplace pension plans, followed by savings and/or investments (30 and 25 per cent, respectively) and government pension plans (29 and 40 per cent, respectively).

Read: Majority of Canadian workers willing to take less pay for a workplace pension plan: survey

Meanwhile, across the border, a separate survey found the majority of Americans from the Black, Indigenous and People of Colour community fear they won’t have enough saved for retirement.

The survey by Allianz Life Insurance Co. of North America, which polled more than 1,000 Americans aged 25 and up, found 62 per cent of respondents who identify as Asian/Asian American, 56 per cent who identify as Hispanic and 52 per cent who identify as Black/African American are worried about their retirement readiness.

While the survey noted the level of concern is on par with respondents who identify as White (56 per cent), the level of worry from each BIPOC community varies significantly. Looking at worry around high health-care costs in retirement, for instance, 55 per cent of Black/African Americans expressed concern, compared to 66 per cent of Hispanic respondents and 76 per cent of Asian/Asian Americans.

Read: Income inequality reducing retirement security in U.S.: report

Other worries cited by respondents who are Black/African American, Hispanic and Asian/Asian American included that the rising cost of living will prevent them from enjoying their retirement (54, 67 and 74 per cent, respectively); they’ll outlive their retirement savings (47, 60 and 69 per cent, respectively); they’ll lose their nest egg during a market downturn (52, 60 and 66 per cent, respectively); and they’ll become a financial burden to their loved ones (37, 52 and 55 per cent, respectively).

“Different ethnic groups have different priorities when planning for retirement,” said Travis Walker, an advisor specialist at Allianz Life. “It’s important for the financial services industry to recognize these unique differences . . . when helping BIPOC communities plan for their financial future.”

Read: Canadians concerned about retirement readiness: surveys