Mackenzie Investments’ latest research found that just 1 in 5 of those who have saved for retirement are confident in growing it for their needs
Canadians have largely held steady with their investment portfolios during the disruption of the pandemic but making the most of their assets for retirement remains a mystery to many.
A new study from Mackenzie Investments reveals that few of the working adults who have started to save for their retirement feel confident in managing their finances to achieve their goals.
Although 86% of respondents said they have some retirement savings, just 18% of working Canadians are confident in how to manage and grow their nest egg for the lifestyle they want in their senior years.
Less than 3 in 10 of those who have already retired expect their savings to last their lifetime.
Half of employed Canadians are currently working with a financial advisor, while only 45% of retirees relied on an advisor or another professional to create a retirement plan.
“Canadians need to be applauded for making saving for retirement a priority— many seem to be on the right path,” said Ron Hanson, head of retirement at Mackenzie Investments. “However, saving is just the first step. People are living longer, and retirement lifestyle expectations are on the rise. It’s critically important for people to understand not just the need to save for retirement, but also how to optimize the use of those savings in their golden years. Working with a financial advisor can be enormously helpful in setting Canadians up for success.”
Loving comfortably for the rest of their lives is the paramount goal of around 80% of both working people and retirees, followed by travel, which is a key plan for around two thirds of workers and 6 in 10 retirees.
