As for expenses, the Canadians aged 55 to 75 financially supported family members and friends in need through a variety of means (39%).
The survey also showed that one in five Canadians (21%) increased their pension fund payments to pay for routine expenses, a figure that rose to 30% for those with a household income of less than $40,000. Moreover, a third (36%) says their spending has increased significantly.
50% of older Canadians surveyed have been able to save more money since the pandemic beginning, and among those who use the financial advisor services, this figure has risen to 59%. In fact, the study showed that 45% of those surveyed were accumulating savings.
Two in three (64%) say they are meeting their financial retirement goals, and one in three (36%) are not. Many are also looking to make amendments in their financial plans.
What's more, 20% of senior Canadians who have worked with a financial planner are more confident they will have enough money in retirement.
Photos are from open sources.
