High cost of living hindering Canadians’ retirements plans: survey

CTV's Maralee Caruso speaks with Aurele Courcelles at IG Wealth Management on the struggles Canadians are facing to make ends meet.

Saving for the future is taking a backseat as many Canadians struggle to make ends meet.

According to IG Wealth Management’s annual retirement study, financial pressures are challenging people’s ability to save money.

Aurele Courcelles, vice president of tax and estate planning with IG Wealth Management, said the survey shows about half of non-retired Canadians are prioritizing spending on their current lifestyle rather than saving for retirement.

“An overwhelming 80 per cent are saying the rising cost of living is making it difficult to save for retirement,” he said in an interview on Tuesday.

Courcelles said Canadians are not only facing the rising prices in stores but are also dealing with high interest rates.

“The combination has made it very difficult for a lot of people to try and find any money to put aside to fund their retirement,” he said.

Courcelles said these challenges don’t mean that retirement is out of reach, but rather that people need to examine how they’re prioritizing their spending, start budgeting and work with a financial advisor.

Watch above to find out more about how much money you need to retire and whether people are now retiring later.

- With files from CTV’s Maralee Caruso.