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Canadians struggle to plan for retirement as cost of living continues to climb
Canadians struggle to plan for retirement as cost of living continues to climb Canada N...
About this update from Sun Life Financial Inc.
[{"type":"text","content":"\n \n \n \n Canadians struggle to plan for retirement as cost of living continues to climb\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n It pays to be digital – digitally engaged employees have more money saved, feel more confident and experience better retirement outcomes\n \n \n \n \n \n \n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 3, 2024\n \n \n /CNW/ - With mounting cost of living pressures, Canadians are struggling when it comes to planning and saving for retirement. A recent study done by the Canadian Association of Retired Persons (CARP) for Sun Life shows that one third of Canadians struggle to plan for retirement and that 75% of people say their cost of living is negatively impacting their retirement savings.\n \n \n Over half of respondents are worried they do not have enough money to retire. While financial situations vary considerably, some cited a lack of confidence in where to find quality information. Planning for retirement can have a huge impact on feeling prepared when it comes time to exit the workforce.\n \n \n \"There are many factors to think about for Canadians when it comes to saving for retirement,\" says\n \n Eric Monteiro\n \n , Senior Vice-President, Group Retirement Services, Sun Life. \"Planning can significantly affect someone's ability to retire. Considering what you want your retirement to look like, and building a roadmap to get there is essential.\"\n \n \n \n When saving for retirement - it pays to be digital\n \n \n \n When it comes to saving, employees who are digitally engaged have more money saved, feel more confident about their plan, and experience better retirement outcomes. Logging-in and being engaged pays:\n \n \n \n Members who are digitally engaged see an average balance 230% higher than those who are not engaged (\n \n $123,800\n \n versus\n \n $51,800\n \n ).\n \n \n Digital members contribute 61% more to their savings accounts than those who aren't online (\n \n $8,700\n \n versus\n \n $3,400\n \n ).\n \n \n Digital members are...