15 PERCENT OF CANADIANS SAY THEY WILL NEVER FULLY RETIRE AS 'FINANCIAL INSOMNIA' GRIPS 4 IN 10

Apr 29, 2015

By Jane Brown

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It seems more than half of Canadians either plan to ease into retirement by working reduced hours before hanging it up for good, or have no plans to ever quit.

The report by HSBC found that 45 per cent of working-age Canadians expect some period of semi-retirement before fully retiring, while another 15 per cent expect to never be able to fully retire.

The survey results come as Canadians balance saving for retirement while grappling with record debt levels.

And that debt appears to be giving many Canadians “financial insomnia”.  According to a Leger survey for P.C. Financial, 36 percent of Canadians report not having enough money actually keeps them awake at night.  When asked what level of savings they need to sleep comfortably, more than half surveyed said between $2000 and six months salary is an appropriate nest egg.  But nearly 40 percent don’t have this in the bank.

Consumer advocate Kathy Buckworth told The New AM 740’s Happy Gang, there are ways of keeping money in your account, including paying yourself.

“So when you’re paying those bills, set aside a small amount to pay yourself for savings…and we’re going very cashless, which is awesome, it’s very convenient.  But sometimes it’s like we’re almost forgetting how much we’re spending on little things like on coffee, lunch, little treats for ourselves, so maybe set yourself a cash budget for these things,” Buckworth explained.

Canadians who were surveyed shared some other secrets to keeping personal finances under control.  They include tracking and redeeming reward points from loyalty programs, using a no-fee bank account and shopping during sales season.

 

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