Saving for retirement has taken a back seat to debt repayment for 40% of Ontario residents, says a 2014 study.
It adds 21% of people polled want to erase all debts first. Another 19% are focusing on their mortgages, while 10% prefer to boost their spending limits between paycheques.
Of the 21% who are focusing on debts, more than half (51%) say they can’t afford to tackle both repayment and saving, and 49% say retirement isn’t yet a priority for them.
The study also shows:
- RRSPs (75%), workplace pension plans (58%) and TFSAs (50%) are the most popular retirement savings products held by Ontarians;
- Ontarians plan to retire at 62 years of age, while current retirees, on average, retired at 59 years of age;
- 41% of those who have not yet retired say they’re confident they’re on track to retire at the age they want; and
- nearly one-in-five Ontarians (18%) expect an inheritance to help with their retirement needs.
For more on how to kickstart retirement discussions, read: