The recent economic and stock market turmoil is having an impact on consumer spending and pending retirement plans, according to recent Investors Group surveys.
Almost 45% of respondents aged 60 to 64 said they would have to retire later than originally planned because of the current crisis. Overall, 28% of respondents said they would likely have to retire later.
Current economic uncertainty has also had an impact on Canadian spending habits. Nearly a third of respondents said they were spending less on entertainment and personal luxuries. More than a third were cutting back on large discretionary buys.
But recent volatility doesn't seem to have affected the savings decisions of Canadians. Two-thirds of respondents who have an RRSP intend to contribute the same amount or more than they did last year.
Polls conducted in mid-September and late October found that respondents were largely concerned with property and income taxes and currency fluctuations on top of poor stock market returns.