Workers could face funding shortfall for retirement: survey

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Canadian workers could face a shortfall in retirement funding as nearly half either started late, or have not yet started, saving for their time after work.

That’s according to a recent survey that found half of workers aged 35 to 54 and 54 per cent of those aged 18 to 34 started saving late or will start saving later in life because of the high cost of living, compared to 36 per cent for baby boomers.

While younger workers delay saving because they have to pay off student debts, another bigger reason for the delay is child-care costs are causing financial strain: 47 per cent for millennials, 38 per cent for gen X and 15 per cent for baby boomers, finds the survey of 2,003 Canadians released by Oaken Financial.

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