A study released Nov. 28 by the Ontario Securities Commission (OSC) has found that members of the Millennial generation are the most likely to believe their standard of living will increase in retirement. However, this generation is the least likely to have started saving for retirement.
"Unexpected events, from family and health challenges to market turbulence, can have a major impact on our financial lives," said Tyler Fleming, Director of the Investor Office at the OSC. "By planning for the long-term, we can place ourselves in a better position to respond to these events."
The OSC study revealed that 39 per cent of Canadians aged 18-34 believe their standard of living will improve in retirement, compared to only eight per cent of Canadians aged 55 and older. It also showed that 34 per cent of men and 43 per cent of women aged 18-34 have not started saving for retirement.
The study also questioned respondents on conversations about aging and finances. Most Canadian adults with parents aged 45 or older say their parents have not talked to them about how they would like their finances managed if they were no longer able to do so. “However, over four in 10 (42 per cent) Canadian adults with parents aged 85 or older reported that they are responsible for managing their parents' financial affairs,” said the OSC.
To learn more, consult the study findings here.