The recession has hurt the financial security of at least a third of Canadians, according to a survey by Desjardins Financial Security.
About 40% of retirees said their financial situation has deteriorated over the last year with a quarter citing stock market losses and higher costs of living as key challenges in the past year.
About 35% of respondents to Desjardins' retirement survey said they witnessed a drop in their personal income in the past year. Almost 40% said they saw a drop in their savings and investments.
About 45% of respondents had an annual income of $30,000 or less and for many, this amount only covered basic living expenses.
While 16% of retirees have continued to work, most of those that have returned to work, do so because they need money for personal projects (46%).
Almost 30% return to the workforce because the economy has decimated their retirement income.