Are you one of the many Canadians struggling to save for retirement and unsure what to do about it? The results of our newly released BDO Canada Affordability Index reveal that a significant number of Canadians are struggling to get by, but also unable to put money aside for their later years.
Day-to-day needs, debt obligations and housing costs can drain a household budget and leave many unable to save for their future. This is worrisome, especially when more non-retirees (39 percent compared to 31 percent in 2018) have no retirement savings, including nearly one-third (32 percent) of boomers and seniors.
However, if you’re worried about being behind on your retirement savings, it’s important to know that whatever your financial issues may be, there are always solutions. The hard part is facing reality and taking a closer look at your current financial roadblocks.
If saving for retirement is a financial challenge for most Canadians, there are some groups that are struggling more than others.
Hanging on to debt is the number one reason why people are struggling to save for retirement. If your debt is keeping you from making regular contributions to your retirement savings, here are some steps you can take to alleviate that stress and get back on track:
Our poll shows that affordability challenges are an ongoing problem. Rising costs of living, stagnate incomes and growing debt levels have left Canadians feeling financially stuck, focused on making ends meet and unable to save for days ahead. When looking for answers, it helps to know that debt is one of the most fixable problems people face. Knowing exactly what options you have at your disposal can help free up much needed income and help you get back on track with your savings goals.
Call 1-855-BDO-Debt or fill out the form below. Your story is more than your debt and we’re here to help.
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A BDO debt professional will contact you within one business day to schedule your free initial consultation.