32% (and increasing) of working Canadians have never set aside any money for retirement, including 1-in-5 pre-retirement workers. Cost of daily living remains the top concern for adults aged 55-64 (71%), and 64% are concerned about having enough money in retirement. - April 28, 2023
HOOPP - Healthcare of Ontario Pension Plan
1-in-4 Canadians are unable to cover an unexpected expense of $500. In fall 2022, over one-third (35%) of Canadians reported that it was difficult for their household to meet its financial needs in the previous 12 months. - February 13, 2023
Stats Canada
More than 2-in-5 Canadians (44%) say they are having a tough or very difficult time keeping up with the housing affordability of their finances. - July 9, 2024
Stats Canada
More than half of Canadian adults (55%) currently have credit card debt — up from 43% last year. There are 100 million credit cards are in circulation in Canada. - August 13, 2024
Canadian Bankers Association
Consumer debt levels rose to $2.5 trillion in the second quarter of 2024, marking a 4.2 per cent increase since 2023. The makes the average debt load of approximately $21,131/person, excluding mortgages. - August 27, 2024
Equifax
With the average student loan debt in Canada at approximately $28,000, it’s no wonder 77% of Canadians under 40 say they regret taking out student loans. so they’re forced to spend an average of 9.5 years paying off their loans — which is, in most instances, more than double the amount of time they would’ve spent in school.
Robertson College
Three-quarters (75%) of Canadian adults aged 55 to 64 have $100,000 or less in savings and 44% have less than $5,000, according to a new survey by the Healthcare of Ontario Pension Plan. - June 16, 2023
Benefits Canada
CPA Canada says it’s expected to be the largest generational transfer of wealth in Canadian history, with younger Canadians expected to receive a combined $1 trillion in the next few years alone. But many parents aren’t preparing their adult children to handle that wealth. - February 6, 2024
Chartered Professional Accountants of Canada
in 2021, 12% of Canadians aged 65+ were retiring at or below poverty line. Which seems to be increasing slightly every year - June 7, 2023
Government of Canada