Source: Benefits Canada
Roughly one in three (36 per cent) single Canadians fear they’ll never be financially able to retire, according to a new survey by the Co-operators Group Ltd.
The survey, which polled 1,500 employees, found nearly half (45 per cent) of single Canadians described saving for retirement as a near-impossible task. Indeed, two-fifths (40 per cent) of all respondents said they don’t think most single people can realistically save enough money to retire on their own.
Nearly half (44 per cent) of single Canadians are putting less than $25 per month aside for saving and investing and slightly more than a third (35 per cent) have less than $5,000 saved for retirement in total.