The vast majority of Canadian seniors cannot afford to retire, an institute that studies seniors says.
The National Institute on Ageing, a public policy think tank on seniors, released Wednesday its 2023 survey results on seniors’ perspectives about the social, financial and health experiences of growing older in Canada.
Most seniors, 65 per cent, said they can’t afford to retire. Thirty-nine per cent said they don’t have the money to retire, and 26 per cent said they don’t know if they will have the money to retire when they want to.
“The last few years have also put a lot of additional financial pressure on many Canadians due to factors such as inflation which have increased the cost of living and made it even harder to make ends meet, let alone save for the future,” said Natalie Iciaszczyk, research program manager at the Institute on Ageing.
Nearly 6,000 Canadians aged 50 and up participated in the 83-question survey between June and August 2023. The survey was limited to seniors living in Canada’s 10 provinces. It is the largest one ever conducted on ageing.
Quebec ahead
One-third of Canadian seniors who responded to the survey say their income is enough for them to save money. But 39 per cent say it’s just enough to avoid major financial issues, and 24 per cent say their income is not enough for them.
Alberta had the fewest seniors who could afford to retire when they wanted to, at 22 per cent. In most provinces, the number of seniors who could afford to retire hovered in the low 30 per cent, while Quebec boasted 47 per cent.
The institute will continue to research why Quebec seniors are more financially stable compared to other parts of the country, said Keith Neuman, senior associate of the Environics Institute for Survey Research, a non-profit agency that collaborated on the survey.
The cost of living and running out of money are two of seniors’ biggest worries, said Iciaszczyk at the launch event on Jan. 31.
Very lonely
Loneliness is common among ageing Canadians, a topic Canadian Affairs has covered. The survey asked questions about social isolation, when one is connected to few people, and loneliness, the negative feeling resulting from unfulfilled social needs.
While many seniors reported having family and friends they can rely on, 34 per cent reported weak social networks and 41 per cent said they are at risk of being socially isolated.
About 18 per cent of Canadians who are 50 and up said they feel very lonely.
Loneliness tends to decrease with age: 45 per cent of 50 to 64 year olds said they are at risk of social isolation, compared to 30 per cent of those aged 80 and up.
Those aged 80 and up also said they experience less age-based discrimination, said Neuman.
Other reports have noted the impact of loneliness. According to a Health Canada report released last fall, loneliness and isolation was listed as a cause of suffering in 17 per cent of MAID deaths in 2022. Perceptions of being a burden on family, friends or caregivers was listed as a cause of suffering in 35 per cent of MAID deaths.
Remaining at home
Most seniors want to age in their own homes, 88 per cent among all age groups — 84 per cent of those 50 to 64, 92 per cent seniors 65 to 79, and 94 per cent of those 80 and up.
Only two per cent of those aged 50 and up said they would like to move into a long-term care home, and just one per cent would like to live with family. Another seven per cent said their decision would depend on their health.
“The older you are, the stronger the preferences of either remaining in your own home… or in some cases maybe downsizing to a smaller home,” said Keith.
Most senior Canadians report they easily access health care services when they need it. Since 2022, the proportion of seniors who said they easily access health care when they needed it totals 67 per cent, a three per cent increase from 2022 figures.
“Perhaps this may reflect a bit of a post-pandemic effect as the pandemic has been receding,” said Neuman.
This coming year, the institute plans on publishing more in-depth reports on priority topics, such as retirement readiness, access to healthcare and homecare services.
I am a retired senior in BC. I worked in Quebec for twenty years before moving back to BC.
Interesting statistic about Quebec seniors being the most able to afford retirement. For one Quebec has their own Pension fund. I don’t know if that makes a difference. Also Quebec possibly has the biggest public sector unions and more bureaucracy than the other provinces. Another thing to look at would be the mix of ages in the Quebec population compared to other provinces. I hope someone looks into this and uncovers the reasons for the difference.