National Institute on Ageing report shows mostly-positive sentiment among Canada’s senior generations, but experiences vary
Being alive for half a century is certainly a positive milestone, but it’s also a worrying time for many people as they consider their future health and finances.
For Canadians who have reached their 50s and beyond, sentiment about retirement is generally high according to a new report from the National Institute on Ageing.
It reveals that 63% felt positive about their experience or expectations of growing older; 72% said they had sufficient income to build their savings or avoid major problems; and 89% of those who still lived in their own homes were confident they could keep living there for as long as they wanted.
Those in their 80s were even more positive than those in their 50s. The poll was conducted among more than 5,800 Canadians who live in the community rather than in long-term care or other institutional settings.
Despite the optimistic tone, there are concerns including social isolation, access to health care, and ageism.
Financial health
Looking at the questions asked about finances, most respondents were positive with most reporting adequate income to save for retirement or provide ‘just enough’ for their retirement living.
Almost two thirds said they could access financial resources to cope with an unexpected emergency, especially among those aged 80 or older. The report notes that the optimism may not necessarily reflect actual financial situations.
However, there is concern among working over 50s that they will not be able to retire when they want.
Almost 4 in 10 said their finances would not allow them to retire when they had planned to, 35% said they would, and 25% weren’t sure.
Gender disparity
While 76% of men aged 50 years and older said their income was enough for them (either that it was good enough that they could save from it or that it was just enough so that they did not have major problems), the share was only 67% among women of the same age.
Specifically on saving for retirement, 37% of men said their income was sufficient for them to save from it, compared to just 29% of women.
