50% of older Canadians saved money at the onset of the pandemic
The Royal Bank of Canada has found that pandemic has not significantly impacted the finances of 69% of the older Canadians. At the same time, 39% of Canadians aged 55-75 have been providing financial help to friends and families in need while 31% increased financial commitments to a family estate. 28% took part in charitable activities.
21% of the older Canadians had to use their retirement funds to pay for daily expenditures. 30% of those with a household income under $40k had to contribute to daily expenses. 36% are not in line with their financial objectives while 33% are confident they will have sufficient funds to sustain them after retirement.
And now, Canadians are re-assessing the way they save and invest their funds.
Of those who had a financial planner, 59% were able to save at the onset of the pandemic. 45% have racked up money that was set aside for entertainment and vacations. 55% aim to use the money on entertainment, 29% for saving while 18% on debt repayments.
While 64% are on track with their retirement financial goals, 36% are not. Many aim at changing their financial portfolio while 66% are looking for safer investment avenues.
20% of those who worked with a financial planner are confident that they will meet their financial needs upon retirement. 11% of those who have never used the help of a financial planner feel confident.
Many older Canadians are looking for ways to change their investment portfolios. 57% are looking for new strategies while 30% want to adjust the risk tolerance of their financial portfolios.
We’ve reported that over ¾ of Millennials were mad at their partner over money.