A new study finds young Canadian adults expect a better standard of living in retirement, despite being the group least likely to save for retirement.
The Ontario Securities Commission study finds 39 per cent of Canadians aged 18-34 believe their standard of living will improve in retirement, compared to only eight per cent of Canadians aged 55 and older. However, 34 per cent of men and 43 per cent of women aged 18-34 have not started saving for retirement.
Most Canadian adults with parents aged 45 or older say their parents have not talked to them about how they would like their finances managed if they were no longer able to do so. However, over four in 10 (42 per cent) Canadian adults with parents aged 85 or older reported that they are responsible for managing their parents' financial affairs.
The OSC's research was conducted by Innovative Research Group and involved an online survey of 2,259 Canadians, aged 18 and older, between October 11 and 22, 2018.
"Unexpected events, from family and health challenges to market turbulence, can have a major impact on our financial lives," said Tyler Fleming, director of the Investor Office at the OSC. "By planning for the long-term, we can place ourselves in a better position to respond to these events."
