More Canadians worried about retirement as home prices, inflation rise
BNN Bloomberg
As worries rise around inflation, home prices and savings, Canadians are losing confidence they'll have enough cash to retire as planned.
MONTREAL -- Family time on sun-kissed beaches may feel farther away than ever -- and not due to COVID-19.
As worries around inflation, home prices and savings rise, Canadians are losing confidence they'll have enough cash to retire as planned.
Fewer than half hold a sturdy belief they'll accumulate enough savings to do so. That's partly because the average sum they anticipate needing has increased 12 per cent since 2020 to $1.6 million, a new Bank of Montreal survey suggests.
The 44 per cent of respondents with faith in their ability to retire as planned marks a drop from 54 per cent the year before.
Inflation is one driver behind Canadians' anxiety.
"While it is going to scale back most likely in the future, inflation is still front and centre," said Robert Armstrong, a director at BMO Global Asset Management. "That is starting to impact their views on how much they need to save for retirement."
