Managing asset allocation change in retirement
A new poll found that most people in Ontario are more concerned about paying for necessities amid higher living costs than saving for retirement.
The Financial Services Regulatory Authority of Ontario (FSRA) released the results of its poll Wednesday.
It found that 81 per cent of respondents were more concerned about paying for things like groceries, rent, or mortgages instead of saving for retirement.
Forty-four per cent of respondents said higher living costs were making it more difficult for them to save for their retirement.
Andrew Fung, acting executive vice president at FSRA, said it can be easy for people to deprioritize retirement planning in tight economic times, but he encouraged people to keep retirement plans in mind.
"During these challenging times, it can be easy to put retirement on the back burner,” Fung said in a written statement on the findings.
“We're encouraging people to take a moment and think about the quality of life they want after they stop working. Saving is the key and setting aside even a little now can leave you better off in the future."
Twenty per cent of poll respondents said they believe they will never be able to retire.
Meanwhile, 56 per cent indicated they are unaware of how much they should save for a comfortable retirement.
Twenty-seven per cent of respondents indicated they had not created a plan to save for their retirement.
Fung said people should take the time to look at the pension offerings or other retirement savings options available to them.
"Retirement is one of the biggest expenses in a person's life and the more time you have to prepare, the better off you will be,” he said.
The pool was conducted between Dec. 7 to 14 by Forum Research with a sample size of 1,000 Ontario residents over the age of 18.