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Retirement saving takes a backseat for cash-strapped Canadians
Retirement saving takes a backseat for cash-strapped Canadians Canada NewsWire ...
About this update from Sun Life Financial Inc.
[{"type":"text","content":"\n \n \n \n Retirement saving takes a backseat for cash-strapped Canadians\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 25% of Sun Life group retirement plan members are not taking full advantage of their employer matching program\n \n \n \n \n \n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 28, 2023\n \n \n /CNW/ - From inflation to interest rate hikes to soaring housing prices, life for Canadians is increasingly costly. With the pinch being felt across\n \n Canada\n \n , saving for retirement is taking a backseat for many. Sun Life's\n \n 2023 Designed for Savings report\n \n paints a clear picture on how Canadians are saving for retirement. The benchmark report uses data from 1.4 million Sun Life group retirement plan members to identify workplace savings trends in\n \n Canada\n \n .\n \n \n \n When it comes to saving for the future, here's how cash-strapped Canadians are faring:\n \n \n \n \n Inflation is hurting members who are mid-career and their ability to save for the future. The largest decreases in average contributions were among those in their thirties and forties which dropped 7%\n \n 1\n \n . This was followed by members in their fifties at 5%.\n \n \n 25% of members are not taking full advantage of their employer matching program\n \n 1\n \n .\n \n \n There continues to be a gap in contributions by gender. Men contributed\n \n $9,500\n \n in 2022 compared to\n \n $7,700\n \n for women\n \n 1\n \n . This is despite nearly identical workplace savings plan participation rates for men and women.\n \n \n \n \"Contributing to one's retirement savings is tough in today's environment, but every year can make a big difference in the long run,\" said\n \n Eric Monteiro\n \n , Senior Vice-President, Group Retirement Services, Sun Life. \"Workplace plans have tools and resources to help Canadians take control of their financial future. This includes employee matching programs and creating a financial plan, which many Canadians are not taking advantage of. Sun Life offers holistic soluti...