Finances, the No 1 concern for non-retired Canadians

Soon to retire, most workers over 45 years old want to quit their job. However, the financial aspect is putting the brakes on their projects despite their optimistic view of their future retirement. This is what a recent study found, conducted by HSBC in 17 countries and territories, including Canada.

74% of Canadian workers over 45 years old would like to retire in the next five years. But 45% of them believe they will not be able to for financial reasons. Lack of savings, significant debt or the needs of dependents are stopping them from taking the retirement they crave. The situation is more complicated for women with 98% of non-retired women being found in one of these situations, compared to 88% of men. Generally speaking, among non-retirees, 93% say they have financial difficulties.

Varied motivations

Retiring is mainly envisaged for positive reasons: having the freedom to travel or carry out other projects (59%), spending more time with family (36%), accompanying a spouse who has already retired (24%), pursuing another career or volunteering (18%). Retirement is also seen as a way to escape the work routine (35%) and the negative effect work has on mental and physical health (25%).

Non-retirees also have many expectations about their retirement. They expect that their relationships with those around them will improve, along with their social life and their standard of living.

Healthwise, non-retirees consider themselves to be in poorer health than retirees of their age, by 43% to 55%. The experience of elders leads non-retirees to believe that retirement is a veritable fountain of youth and allows adoption of a healthier lifestyle.

Retirements, creators of skilled jobs

According to the Canadian Occupational Projection System (COPS), retirements are representing the biggest source of demand for replacements between 2011 and 2020. Over this period, two-thirds of retirement candidates will leave behind them highly skilled professions and management-related jobs. The ten professions which will be in the highest demand are: machinery operators (textile, fur and leather); protection services managers; upholsterers, tailors, shoe repairers (etc.); secretaries, editors and transcriptionists; legislators and senior managers; directors of services (health, education, social and community); civil service managers; rail and road transport supervisors and drives; assembly and manufacturing supervisors; and technical staff (librarians, archivists, etc.)

 

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