One-half of people nearing retirement lack retirement plan

60 per cent not saving enough: Poll
|hrreporter.com|Last Updated: 11/12/2013

Canadians are seriously lacking on the savings front, according to a survey released by Desjardins Group.

One-half of the respondents nearing retirement (between 55 and 64 years old) admitted they do not have a retirement plan.

Sixty per cent said they are not saving enough and 31 per cent know very little or nothing about the savings products offered by their financial institution, found the survey of 3,394 people.

A majority of respondents (94 per cent) said they spend needlessly while 47 per cent said they do not have an emergency fund that could cover their expenses for more than three months.

"These results are cause for concern. They show that we need to double our efforts to encourage Canadians to save more to prepare for unexpected circumstances, achieve their goals and ensure a comfortable retirement," said Michel Verreault, vice-president of marketing and sales support at Desjardins Group.

"We need to create savings products that meet consumer needs and really showcase them to attract as many Canadians as possible. We also need to increase people's knowledge of personal finance."

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