HSBC has released both a global and a Canada report on retirement based on surveys of 16000 people in 15 countries including Canada.
Particularly of interest are the Canadian findings which show:
- Many working age people are not confident in their ability to
maintain a comfortable retirement. The Canadian figures are 40% while the world average is 34%
- 61% of those in pre-retirement are worried about having enough money for the day to day
- 68% are worried about running out of their money in retirement
- 44% of pre-retirees feel they are not adequately prepared financially for retirement while of those in retirement These findings show once again the inadequacy of the pension system in Canada for many Canadians. Canada has one of the most complicated systems for retirement, OAS, GIS, CPP/QPP, employer pensions for a minority, RRSPs (again used mainly by those with higher incomes and now tax free savings Accounts (again used by a minority). We need a pension system starting with increasing the CPP/QPP which guarantees all those in retirement the equivalent of a living wage income.