Canadians concerned about retirement savings
Pension reform key issue: poll
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Hey there, time traveller!
This article was published 15/10/2010 (5638 days ago), so information in it may no longer be current.
OTTAWA — Almost one in three Canadians say they won’t have enough money to enjoy a comfortable retirement, according to a new poll that also says the vast majority support enhancing the Canada and Quebec Pension Plans to fatten retirement incomes.
The Environics poll, being released Friday, paints a picture of a population where a significant minority are concerned about the adequacy of their retirement income — an insecurity that increases the closer they get to retiring.
Half of the survey respondents said governments are moving too slowly on pension reform and 80 per cent said they support increasing Old Age Security payments, as well as the Guaranteed Income Supplement that goes to the poorest seniors.
Significantly, says pollster Tony Coulson, the bulk of those surveyed who were already retired rely most heavily on CPP and company pension plan benefits.
Given that fewer companies are offering defined benefit plans, Coulson said, future retirees are likely to be more dependent on CPP benefits and other savings vehicles to finance their retirement.
The poll findings help fuel expectations pension reform will be a key issue in the next federal election as parties roll out promises for tackling Canadians’ worries about their retirement savings.
A substantial minority — 37 per cent — said they are not saving for retirement, a figure that rises to 72 per cent for those earning less than $30,000 a year, the poll said. More than seven in 10 say they can’t afford to save. Only one in four people said they were fully confident of being able to save enough to live comfortably in retirement
Environics conducted the telephone survey of 2,020 adult Canadians in late August for the Canadian Union of Public Employees and the Public Service Alliance of Canada. The margin of error is plus or minus 2.2 percentage points 19 times out of 20.
— Postmedia News