Younger generations worried about post-career finances

The FINANCIAL — With Canada’s long-cherished retirement safety net seeming less sturdy all the time, a new GfK study suggests that 56 percent of Canadians have doubts about their ability to afford the life they want during retirement.

In an August 2015 survey conducted online by GfK, over 23,000 people in 19 countries were asked how strongly they agree or disagree with the statement “I am confident that I will have enough money to live the life I want when I retire.” Globally, the countries surveyed echo feelings in Canada, with 54% of respondents worldwide uncertain or concerned about the state of their retirement finances. (These respondents answered that they disagreed “strongly” or “somewhat” with the statement, or said they “neither agree nor disagree.”)

Women more worried about retirement ?

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The results show that Canadian women are slightly more pessimistic about their retirement finances, with 57% saying they are unsure or not confident, compared to 55% of Canadian men. This disparity is comparable to levels GfK found across all 19 countries measured; globally, 57% of women were uncertain or pessimistic, versus 52% of men. But Canadian women were more

likely to choose the two strongest negative answers (“disagree somewhat” or “disagree completely”) – 39% for women, versus 30% for men.

Older age groups in Canada are more likely to say they not sure or lack confidence in being able to afford their ideal retirement – but the younger generations are not far behind. Over six in ten of the 40-to-49 (64%) and 50-to-59 (63%) age segments in Canada are unsure or no confident they will have the funds they need, followed closely by the 20-to-29 (60%) and 30-to-39 groups (51%). These results are roughly in line with the global averages in GfK’s study, though the 20-to-29 level is notably high.

Globally, consumers in Japan, Poland and France expressed the greatest levels of doubt about their retirements, with 74%, 68% and 68% (respectively) saying they are either uncertain or not confident about their retirements. Alternatively, respondents in China (48%) and Spain (45%) were least likely to express doubt about their retirement funding.