Five-in-ten Canadians believe they won’t have enough money to retire, according to a new survey by Pollara Strategic Insights.
The BMO Annual Retirement Study released on Tuesday found that after two years, Canadians believe they need to save an additional $300,000 to retire – raising the total average retirement fund from $1.4 million in 2020 to $1.7 million near the end of 2022.
Less than half (44%) are confident they will have enough money as planned.
For many, that fear was tied to rising costs and inflation. Seven-in-ten said they are concerned about how the changes will impact their finances.
The study was conducted in November 2022 on behalf of the Bank of Montreal.
As True North reported last November, inflation has been top-of-mind for many Canadians.
In a Nanos Research survey that month, 60% said they adjusted grocery habits by purchasing cheaper food, and 17% said they responded to inflation by eating less food.
Statistics Canada later released data showing food prices up about 11% in one year.
The Pollara Strategic Insights study released this week by BMO found 22% of Canadians plan to retire between the ages of 60 and 69.