The number of single people in Canada has been on a steady rise in the past couple of years. More and more Canadians, from millennials to middle-age workers, are ending up alone without a legal partner, and many of then believe they will stay alone for the rest of their lives.
According to Statistics Canada, the number of one-person households is currently at an all-time high. Most single people claim that they don’t choose to be alone but are instead forced into it by unforeseen circumstances. While being single isn’t the end of the world, it does come with its share of difficulties.
A new study by TD Bank titled “Retiring Solo” found that 65 per cent of Canadians over 40 are currently single and will likely be companionless well into their late adulthoods. This raises concerns about their retirement - how will they manage to save enough money completely on their own?
47 per cent of Canadians in the study are worried that they will burn completely through their savings, and 39 per cent think they have a much harder time saving compared to couples who are able to combine their incomes.
But there are some financial benefits to living the single life. Rubina Ahmed-Haq, a finance expert from Toronto, tells Global News that people who live alone have control over where they want to live and how much money to put aside for a property.
“There’s no other person that you have to consider, In that sense, you can choose the most ideal situation for you,” Ahmed-Haq adds.
Of course, ongoing expenses like groceries and rent will be more difficult to manage since there’s no one to split the cost with, but it’s certainly not impossible.
Another concern regards the increase in life expectancy for both males and females. With Canadians living longer lives, single people are unsure of whether tor not they should also work their jobs longer to make up for the lack of a second income from a partner.
“I think people working until 70 is not a bad idea. 65, the retirement age, was established when people didn’t really live past 70,” Ahmed-Haq said.
Do you think you’ll stay single when you’re older?