Pandemic influencing retirement priorities, survey says

The Covid-19 pandemic has made Canadians adjust their retirement plans, with more than half of respondents to a financial industry survey saying they’re rethinking where they want to live and how much they need to save.

Almost two-thirds of Canadians who aren’t yet retired said they would now rather live at home as they age, rather than in a retirement facility, according to the study from IG Wealth Management.

Half the respondents said being closer to family and remaining in Canada is now a priority, and one-third said the pandemic would lead them to delay retirement.

“It’s understandable that the events of the past year have caused many Canadians to pause and re-think what their futures will look like, including their plans for retirement,” said Damon Murchison, IG Wealth Management’s president and CEO, in a release.

The survey also noted more Canadians were thinking about emergency funds, estate plans, health-care coverage and the amount of savings they’ll need in retirement.

Planning to live at home for longer or changing health-care coverage can affect clients’ finances, Murchison said, and such priorities should be incorporated into financial plans.

Pollara Strategic Insights conducted the online survey of 1,508 adult Canadians between Jan. 29 and Feb. 1. The results were weighted on the basis of age, gender and region to be representative of the Canadian population as a whole.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.