Rising costs force two-thirds of Canadians to rethink retirement plans, CIBC poll finds
March 25, 2025
Around two-thirds of Canadians have adjusted their retirement plans as a result of recent economic turbulence, according to a new survey by CIBC.
Of 1,500 adults polled by the bank, 66% responded that recent economic changes, including rising inflation and an increased cost of living, have made them adjust their retirement plans, while almost half said they were worried about outliving their retirement savings.
In addition to looking for ways to boost their current retirement savings, the survey found that Canadians are also considering their options to cut back in retirement, such as a reduction in planned travel or leisure activities.
"Many Canadians worry about the cost of living today, but those close to retirement worry about how higher costs will affect their finances tomorrow, knowing they will be on a more fixed income," said Carissa Lucreziano, Vice-President of Financial Planning and Advice at CIBC.
Other notable findings from the survey included:
- More than 70 per cent of those polled anticipate working in their retirement, either through a phased or semi-retired approach
- Respondents were increasingly interested in digital advice options, with 66% using online investment management tools and 53% consulting social media groups or blogs dedicated to financial or retirement planning.
Click more information below to read more of the survey’s findings:
