According to a survey commissioned by ING Direct, many Canadians are not taking the steps needed to achieve financial peace of mind in retirement.
According to the Angus Reid study, more than half of Canadians (58%) don't feel financially prepared for retirement, and only a third actually have a plan in place to meet their retirement goals.
For 31% of survey respondents, retirement is not even on their radar when thinking about personal finances.
That number jumps to 39% for those aged 25 to 34 and 56% for younger Canadians aged 18 to 24.
Currently, a top financial priority for most Canadians is to pay off credit card debt or lines of credit (41%).
For respondents aged 25 to 34 and 35 to 54, with children under 18 living at home, saving for retirement falls to the bottom of the priority list (21% and 30%), behind paying off their mortgage (38% and 42%) and saving for their children's education (41% and 40%).
Peter Aceto, president and CEO, ING Direct Canada, said, “Saving for retirement can't be an afterthought.”
“Despite the amount of debt people are carrying and what we keep hearing in the news, saving is still possible. Understanding the importance of starting early, even if it means starting small, has a huge influence on the ability to meet your financial goals.”
Jennifer Harrison
@JHarrisonBIV