It seems like almost half of millennials are going to work longer than expected.
A new ranking and survey has revealed what retirement in Canada is like compared to the rest of the world and how people feel about it here.
In the 2021 Global Retirement Index by Natixis Investment Managers — which ranked the top countries for retirement security — Canada placed 10th, moving down two spots from the eighth spot in 2020. The country came in behind Iceland, Switzerland, Norway, Ireland, the Netherlands, New Zealand, Australia, Germany and Denmark.
When it comes to how people in Canada feel about retirement, a survey of 300 people with minimum net investable assets of $120,000 found that 66% of non-retired Canadians said they are confident that they'll be financially secure in retirement.
However, on the other side of that, 25% of respondents said their ability to live financially secure in retirement is "going to take a miracle."
It seems that younger Canadians are most resigned to working longer, with 47% of millennials planning to continue having a job longer than expected. A total of 51% of Generation Xers (typically people born between the mid-1960s and early 1980s) said the same compared to 23% of baby boomers.
The average age at which Canadian respondents said they plan to retire is 64. Based on generation, that average age is 60 for millennials, 63 for Generation X and 67 for baby boomers.
A recent survey about the biggest financial stressors in the lives of Canadians found that not being able to save enough for retirement was the second most common source of stress for people behind the increased cost of living and inflation.