Just a fraction of employees are on target when it comes to saving for retirement, according to a survey from the Canadian Payroll Association.
Data released September 9 reveals only 4% of respondents feel they’re ready to retire when the time comes.
Nearly one-fifth (18%) of those surveyed haven’t even begun to save money yet and one-third don’t see any hope of the economy improving in the next year.
This outlook is impacting how people are saving up for retirement — 21% of respondents say they’ll likely work an additional four years longer than they originally planned.
British Columbians rank among the worst when it comes to saving money.
The survey found 51% of B.C. residents are living paycheque to paycheque. Only Ontario (52%) ranks worse than B.C.
The survey was conducted June 29 to August 7 among 3,600 Canadian employees.
