Most Canadian seniors (93%) prefer to live and age at home, finds the Federation of Canadian Municipalities (FCM).
However, 700,000 senior-led households face a housing affordability challenge. A combination of modest incomes and high living costs mean that one-in-four senior-led households are spending more than 30% of their income on shelter; and, seniors who live alone experience poverty at twice the rate of others.
“Every day, our team hears from older Canadians who want to remain in their homes and communities, but find the financial challenges very stressful,” states Yvonne Ziomecki, SVP, HomEquity Bank.
One reason finances have been adversely affected, notes the FCM study, is because only one-third of the Canadian workforce is covered by a registered pension plan.
Also, according to HomEquity Bank, 30% of Canadians nearing retirement have $50,000 or less in savings. And, almost 70% of those nearing retirement still carry debt. More than one-third of Canadians (35%) nearing retirement plan to use the value of their home to generate retirement income.
Here are some articles to help seniors.