More than half will gradually work less or won’t stop at all, according to HSBC survey.
Dreaming of a full retirement? The reality will likely look much different, especially if you live in Canada, a new HSBC Bank survey has found.
More than half of Canadians say they either plan to ease into retirement by working reduced hours or have no plans to ever stop working.
The report, released Wednesday, found that 45 per cent of working-age people in Canada plan to semi-retire before they stop work completely, while 15 per cent expect that they will never be able to fully retire.That’s much higher than the global average of 26 per cent reporting they expect to shift into semi-retirement in their golden years, says the bank’s new report “The Future of Retirement.”
Those closer to the end of their career (45 and up) are more likely to believe they will never retire (20 per cent) compared to those ages 25 to 44 (12 per cent). And more men (42 per cent) said they plan to move immediately from their current job and working hours to full retirement than women (38 per cent).
Of those Canadians currently retired, 15 per cent say they made the decision to semi-retire due to a lack of employment opportunities later in life. Only Australian retirees (17 per cent) reported diminished job prospects in greater numbers than Canadians, and respondents from both countries were well above the global average of 10 per cent.
“While the underemployment challenges facing today’s youth and new graduates are more widely known, this latest research suggests that older Canadians and those approaching retirement age may also be feeling the pinch of underemployment at time when saving for the future is often at its most crucial,” said Betty Miao, executive vice-president and head of retail banking and wealth management at HSBC Bank Canada.
]The online survey by HSBC was part of a global review of some 16,000 working and retired people in 15 countries and territories, including 1,000 Canadians.Turns out Canadians are some of the most likely to want to spend it all before they go, with 27 per cent of those of working age saying “spend all your money and let your children create their own wealth.”
They are also among the least likely to financially support adult children, with only 11 per cent of Canadian pre-retirees saying they would. The global average is 21 per cent.A separate new study by LinkedIn found Canadians make for loyal employees. Only 14 per cent said they think staying at one company for your whole career is a bad idea, and only 11 per cent believe you should move around at the beginning of your career.
Source: The Toronto Star