Many Albertans worry about money for retirement: survey
Posted Jul 26, 2019 7:37 am.
Last Updated Jul 26, 2019 7:38 am.
This article is more than 5 years old.
CALGARY (660 NEWS) – Many Albertans don’t believe they’ll have enough money to retire.
That’s according to a new study from ATB Financial which shows how different generations feel about the money they have.
Rob Roach, ATB’s Director of Insight, said the numbers vary between the generations.
“About 62 per cent of working-age Albertans — 18-64 — are worried that they won’t be ready for retirement, they won’t have enough money.”
Roach said that 63 per cent of Millenials are worried about the money they’ll have come retirement.
So why is there this concern about money? Roach said it might come down to timing.
“With all the different expenses, it can be really hard to put enough money away for retirement,” he said. “It’s a long-term challenge, but it’s one of those things you always seem to put off unless you’re lucky enough or a good enough planner to make it happen.”
The survey also tackled the topic of money and happiness and once again the generational gap was evident.
“Most Albertans — two-thirds or more — say that money matters,” he said. “It’s a little bit higher for Millenials, about 72 per cent.”
Based on other research, he says, it’s really what the money can do for people that matters; it’s the ability to spend time with family; it’s the ability to have some security.
Roach said when it comes to baby boomers, about 62 per cent feel money is key to their happiness.
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The surveyed also asked questions about job stability and whether carbon emissions should take priority over economic growth.
One of the bigger questions that was asked: Is my generation worse off than my parent’s generation?
The surveyed found 61 per cent of Gen X responders saying yes and 24 per cent of Baby Boomers saying no.
