Nearly two in five Canadians (39 per cent) feel they will have to cut back on their current lifestyle sometime over the next 10 years, while about seven out of 10 have no retirement plan, according to a new study by Mackenzie Investments.
A study commissioned by the Toronto-based investment firm found that 37 per cent of Canadians felt they would not be able to afford their lifestyle in 2017, roughly four in 10 Canadians believe they will not be able to afford the same lifestyle in the future.
When asked to think about the past 10 years, a similar number — 36 per cent — stated that they have had to cut back on their lifestyle.
In Manitoba and Saskatchewan, the 2016 study found respondents to be slightly more optimistic than average Canadians, and slightly more optimistic than they were a decade earlier.
One in three residents in Manitoba and Saskatchewan believe they will not be able to afford the same lifestyle in 10 years — a drop from a decade ago, when 37 per cent answered the same. Like other Canadians, Manitobans and Saskatchewanians lack confidence in their investment options, the survey said.
While 23 per cent of Canadians feel overwhelmed by their investment options for retirement, more than one in four residents of Manitoba and Saskatchewan (26 per cent) echoed this sentiment. About one in five Prairie respondents said they feel confused about all the available options.
Although half (50 per cent) of respondents from the two Prairie provinces feel they’re on track to meet their retirement goals, only 18 per cent responded that they are definitely on track for this stage in life.
And, most surprisingly, seven out of 10 Canadians, including the majority of Manitoba and Saskatchewan resident surveyed, have no financial plan.