An overwhelming majority of Ontario residents are concerned about covering daily expenses and nearly half say rising costs are stopping them from saving for retirement, a new poll suggests.
The survey conducted by Forum Research and commissioned by the Financial Services Regulatory of Ontario (FSRA) finds 81 per cent of people polled are worried about covering every day costs, including groceries, and their rent and mortgage payments.
The poll also finds 44 per cent find the cost of living crunch is preventing them from saving anything for the future, with 1-in-5 (20 per cent) of respondents saying they don’t think they will ever be able to retire.
“Retirement can seem like a lifetime away, especially when you are dealing with higher grocery bills and rising living expenses,” said FSRA’s Acting Executive Vice President, Pensions, Andrew Fung. “During these challenging times, it can be easy to put retirement on the back burner.”
Approximately one-quarter of respondents say they have not developed a retirement plan and more than half answered they have no idea how much money they would need to retire comfortably.
Only 17 per cent said they believe their quality of life will improve if they do eventually retire.
“Retirement is one of the biggest expenses in a person’s life and the more time you have to prepare, the better off you will be,” said Fung. “Starting to save early is the best way to help you reach your financial goals and secure a more promising future.”
The poll was released ahead of the FSRA’s second annual ‘Pension Awareness Day‘ on Feb. 15.
Cost-of-living issues have remained top of mind for Canadians, and political polls have signaled support is waning for the federal Liberals for being unable to provide much relief from rising prices
Federal ministers with portfolios that touch on the economy have been holding almost-weekly news conferences since the fall as part of the Liberal government’s effort to sell policies that address cost-of-living issues.
The survey from Forum Research sampled 1,000 Ontario adults between Dec. 7 and Dec. 14.