REPORT: 1/4 OF CANADIAN RETIREES LIVING 'FRUGAL' LIFESTYLE

Nov 19, 2019

By Bob Komsic

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Almost half (47%) of working Canadians think there’s a serious risk they could outlive their retirement savings.
That’s one of the findings of the 2019 Sun Life Barometer, which also says nearly one-quarter (23%) describe their lifestyle as ‘frugal,’ while almost three-quarters (72%) say their retirement’s not what they were expecting.
”For most Canadians, managing day-to-day finaces is hard enough,” says Sun Life Canada President Jacques Goulet.
”Sitting down with a financial advisor and talking about your financial goals is a great first step.”
Among working Canadians, three-quarters (75%) do not have a financial plan and almost half (44%) expect to be working full-time at the age of 66.
Among the ‘frugal’ retirees who worked past 66, almost two-thirds (65%) say it was because they needed to work rather than because they wanted to work (35%). 
The study finds these Canadians are not prepared for retirement with just 14% having a financial plan.
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