Three-quarters of respondents say high cost of living has negatively impacted their retirement savings in study published by Sun Life
August 02, 2024
According to a study by the Canadian Association of Retired Persons (CARP) for Sun Life, the high cost of living is affecting retirement planning for many Canadians.
In the study, three-quarters of respondents said the high cost of living has negatively impacted their retirement savings. Further, more than half indicated they're worried they won't have enough money saved to retire.
According to Sun Life, plan members who are digitally engaged in their retirement savings plan have more money saved. For example, the report shows that digital members contribute 61% more to their savings accounts than those who aren't online and are twice as likely to maximize their employer matching for retirement savings.
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