bs-preloader__icon
ru kz en

Elderly Canadians reconsidered their spending and investment during the pandemic

Though most senior Canadians say COVID-19 has not significantly affected their finances (69%), the pandemic has forced people to revise their saving methods, according to a CNW poll.
Elderly Canadians reconsidered their spending and investment during the pandemic

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.

Source: https://www.newswire.ca/news-releases/canadians-re-evaluating-how-they-spend-save-and-invest-during-the-pandemic-rbc-insurance-869024136.html

Photos are from open sources.

Share
read also
What amount is paid under the National Fund for Children program?
What amount is paid under the National Fund for Children program?

At the end of March, the volume of gross foreign exchange holdings of the National Fu...

Uninsured Retirees
Uninsured Retirees

Pension insurance or retirement annuity is an actual way of early retirement savings....

The importance of pension planning
The importance of pension planning

Most people have mixed feelings about retirement, although some are optimistic and co...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application