More and more Canadians are considering delaying their retirement due to the ever-worsening economic situation, a recent survey found.
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Thus, according to a survey conducted by Angus Reid on behalf of the financial advice institute Advisorsavvy and the debt consolidation firm Bromwitch and Smith, almost half of adults aged 55 and over have changed or plan to change their retirement plans due to rising inflation and the rising cost of living.
“It is a combination of several factors [with] the pandemic, the war [in Ukraine] and inflation. People are feeling inflation, whether it's at the pump, at the grocery store, or just with the general cost of housing," said Advisorsavvy founder Saul Amos in an interview with Global News.
However, inflation is not the only thing pushing older people to stay longer in the labor market. Lack of savings (over 60%), fear of running out of money (over 70%) and need to financially support their children (over 25%) are important tangents when it comes to planning their old age.
In addition, more than six out of 10 people fear that they will never be able to enjoy their retirement.
Faced with these revelations, Mr. Amos suggests that people suffering from retirement anxiety consult a financial management professional, such as a financial planner, an investment adviser or a licensed insolvency trustee.
The survey was conducted online from June 9 to 12, 2022 with 1,519 Canadians.