Canadians not saving for retirement: HSBC

20% say downsizing or selling property will help

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A report by HSBC suggests that nearly half of working-age Canadians are not saving for retirement. The big international bank says 48% of pre-retirees in this country confess that they have not started or are not currently saving for their life after work.

The poll was part of a global retirement report done by HSBC.

The survey also found that one in five working-age Canadians say that money from downsizing or selling their home or a secondary property will help pay for retirement. That was nearly twice the global average of 12% and more than the 5% of current Canadian retirees.

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The poll also found that Canadian retirees were among the “happiest,” with 72% reporting they feel happy in retirement—second only to retirees in Mexico at 80%.

“While Canadian retirees rank as some of the happiest in the world, almost half of working-age people in Canada are not currently saving for retirement,” said Betty Miao, executive vice-president and head of retail banking and wealth management at HSBC Bank Canada.

“While a change of lifestyle or move to retirement living may be a great thing come retirement, it’s worth noting the wisdom shared by many of today’s retirees: start saving earlier, take good care of yourself and your health, and don’t hesitate to get advice from trusted professionals.”

The survey also found that 53% of Canadian retirees say a government pension is helping pay for retirement, while 35% of those still working say that’s likely to be the case for them.

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The federal government and all the provinces, except Quebec, recently reached an agreement in principle to help strengthen the Canada Pension Plan.

The deal, which is still being finalized, would see CPP premium increases for workers and employers, but also see Canadians receive more in retirement.

The HSBC report included the views of 18,207 working age people and retirees across 17 countries and territories around the world, including 1,037 in Canada.

The research was conducted online by IpsosMORI in September and October 2015, with additional face-to-face interviews in Egypt and the United Arab Emirates.

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The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

 

2 comments on “Canadians not saving for retirement: HSBC

  1. You aren’t giving most Canadians a choice to save for retirement when the cost of housing is 500% higher than it was 10 years ago. You cannot expect that the average Canadian to afford both the luxury of saving for retirement and providing a home for his family in the economy you’re banks have created for us. The cost of living in this country has never been higher while the politicians in the country rape us from the inside out. We bend over to believe democracy still exists in a world where it does not. The elite will dictate the next century unless we band together, wake up and come together on a global scale. Canada used to be a place i could be proud to call home. Now it is a divided nation much like what it happening to the south but on a smaller scale. We are Canadians united by acceptance of each other true multi-culturalism, Canada has the potential to lead the western world into what we should achieve on a global scale. Canada provides universal health care, subsidized tuition for citizens of this country to attend university, college and adult education programs to finish degree’s in order to further your life in attaining a career to provide for your family. Canada has more social programs than any other country in this world. We literally have a program for everything you can think of (some pointless, some better than others) which is why we need to assess our programs and make sure we are putting money into the proper programs and dismantling systems that are old and no longer working for upgraded policies in order to serve Canadians better. We need better for our citizens and the government should be able to provide better for us. We need to expect from the government the same “Transparency” they acquire from us. In doing so, the government would be able to see creating infrastructure for this great nation is very necessary but planning is also very necessary so you don’t create vast LA esc spaces such as the GTA. A few well thought out plans in the mid to late 1990’s would have paved the way for Toronto to have an unparalleled transit system yet now we struggle with over crowded streets and 4 way’s through the fourth largest city in North America with Choke holds at 7-10AM 12-7PM all down the 401 with the 407 sitting right there that you’re countrymen voted to sell off. We as Canadians need to expect better from our government to create Canadian jobs for all Canadians when we are willing able and ready to go to work to earn hard tax dollars for this nation. Creating jobs is not the governments job i hear as an argument all the time. With an employed nation comes a tax paying nation. With everyone in this nation employed we would create the tax dollars we need to achieve greatness. Canadians need to expect better from their government, only we can change this game. All of us.

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    • wonderfull!, It is so true

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