Oct 22, 2020
4 in 10 Canadians worried about COVID-19’s impact on their retirement plan: Poll
Canadians worried about COVID's impact on their retirement plan
Canadians are becoming increasingly concerned about the impact that the COVID-19 pandemic will have on their retirement savings, according to a new CIBC poll.
The findings, published Thursday, found four out of 10 Canadians are worried about how COVID-19 will affect their anticipated lifestyle in retirement, with 23 per cent of respondents unable to contribute to their retirement savings since the pandemic began.
Of those Canadians who feel COVID-19 has impacted their post-work future, 30 per cent said they will need to postpone retirement due to a loss of household income.
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The pandemic has also grounded many Canadians’ expectations of travel during retirement, with almost one-third (32 per cent) saying they no longer plan to travel or will travel much less than they’d planned.
On the bright side, it seems the past few months have convinced some Canadians about the importance of saving.
According to the survey, one-in-five Canadians said they’ve realized that they need to pay more attention to their personal finances, and 19 per cent think it’s important to save for their future.