CIBC poll finds 66% of Canadians adjusting retirement plans due to inflation and higher living costs
A new poll from CIBC reveals more than 70 percent of those surveyed expect to work during retirement, either through a phased or semi-retired approach.
With nearly half of Canadians expressing concern about outliving their retirement savings, many are modifying their financial strategies.
Due to rising inflation and the increased cost of living, 66 percent of Canadians have adjusted their retirement plans
Adjustments include cutting back on planned travel or leisure activities, reassessing investment approaches, and refining retirement budgets to reduce spending.
“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, Financial Planning and Advice at CIBC.
She noted that demand for financial advice is increasing, with three-quarters of respondents considering or already working with financial advisors.
Poll findings also highlight a growing reliance on diversified funding sources such as TFSAs, RRSPs, mutual funds, individual stocks, and HISAs.
Additionally, Canadians are increasingly seeking financial guidance from multiple channels, including digital platforms.
The data shows that 66 percent of respondents use online investment management tools, while 53 percent have engaged with social media groups or blogs focused on financial and retirement planning.
Interest in digital financial planning tools is particularly strong among newcomers.
CIBC states that these findings emphasize the need for tailored financial solutions to help individuals navigate retirement planning.
The bank aims to enhance access to financial advice and digital tools to support Canadians in achieving their financial goals.
