Global study reveals Canadians are under-saving by 2%
Two thirds of global investors regret that they haven’t saved more for their retirement and that’s reflected by almost 60% of Canadian investors.
Wealth management firm Schroders has published its Global Investor Study 2017 which highlights the gap between what investors are saving compared to what they should be saving for retirement.
The poll of 22,000 investors in 30 countries reveals that those yet to retire are saving 11.4% of their annual income for retirement when they should be saving 13.7%.
Among Canadian investors, average savings are 11.2% compared to the 13.1% that they should be putting away in order to be comfortable in retirement.
The percentage range saved by most Canadians (18%) is 9-10% of income followed by 17% who are saving 5-6%; 11% are saving as little as 1%.
Globally the top sources for retirement income was/will be: savings and investments (20%), State pension (19%), Company pension (18%), and Personal pension (12%).
Among Canadian respondents to Schroder’s study, most want to retire aged 60.7 years but most realistically expect to be 63.2 years before that’s possible; 13% say they don’t expect to fully retire at all.
Supplementing retirement funds is the main reason that Canadian respondents said that they invest (76%) followed by supplementing current income (58%) and paying healthcare bills for themselves or a relative (57%).
Wealth management firm Schroders has published its Global Investor Study 2017 which highlights the gap between what investors are saving compared to what they should be saving for retirement.
The poll of 22,000 investors in 30 countries reveals that those yet to retire are saving 11.4% of their annual income for retirement when they should be saving 13.7%.
Among Canadian investors, average savings are 11.2% compared to the 13.1% that they should be putting away in order to be comfortable in retirement.
The percentage range saved by most Canadians (18%) is 9-10% of income followed by 17% who are saving 5-6%; 11% are saving as little as 1%.
Globally the top sources for retirement income was/will be: savings and investments (20%), State pension (19%), Company pension (18%), and Personal pension (12%).
Among Canadian respondents to Schroder’s study, most want to retire aged 60.7 years but most realistically expect to be 63.2 years before that’s possible; 13% say they don’t expect to fully retire at all.
Supplementing retirement funds is the main reason that Canadian respondents said that they invest (76%) followed by supplementing current income (58%) and paying healthcare bills for themselves or a relative (57%).
