Flexible workers facing retirement challenges: Survey
Four in 10 not sure when they’ll be able to retire
01/16/2019|hrreporter.com|Last Updated: 01/17/2019
When it comes to retirement goals, 55 per cent of 'flexforce' Canadians say they are not able to save as much as they need to each year to meet their goals. REUTERS/Charles Platiau
With an increasing number of workers joining the "flexforce" — made up of gig workers, job jumpers and postponed professionals — they are facing challenges when it comes to managing finances and planning for retirement, according to a survey by TD Bank.
Nearly two-thirds (64 per cent) of flexforce Canadians anticipate needing to work into their senior years because they won't have enough saved for retirement.
Almost three-quarters (72 per cent) are finding it difficult to save for retirement, while four in 10 (41 per cent) are not sure when they'll retire given their employment situation.
"An increasing number of Canadians are choosing temporary or non-traditional employment and are having to rethink retirement — specifically what retirement will look like for them and what steps they'll need to take in order to feel confident about achieving their retirement goals,” said Jennifer Diplock, associate vice-president for personal savings and investing at TD Canada Trust.
When it comes to retirement goals, 55 per cent of flexforce Canadians say they are not able to save as much as they need to each year to meet their goals, with over three-quarters (76 per cent) wishing they made financial contributions at an earlier age, found the survey of 1,101 people.
The top three factors holding them back from contributing to their retirement savings include day-to-day bills and expenses (49 per cent), paying off existing debt (32 per cent), and paying for their lifestyle (27 per cent).
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