Almost half (47%) of working Canadians think there’s a serious risk they could outlive their retirement savings.

That’s one of the findings of the 2019 Sun Life Barometer, which also says nearly one-quarter (23%) describe their lifestyle as ‘frugal,’ while almost three-quarters (72%) say their retirement’s not what they were expecting.

”For most Canadians, managing day-to-day finaces is hard enough,” says Sun Life Canada President Jacques Goulet.

”Sitting down with a financial advisor and talking about your financial goals is a great first step.”

Among working Canadians, three-quarters (75%) do not have a financial plan and almost half (44%) expect to be working full-time at the age of 66.

Among the ‘frugal’ retirees who worked past 66, almost two-thirds (65%) say it was because they needed to work rather than because they wanted to work (35%). 

The study finds these Canadians are not prepared for retirement with just 14% having a financial plan.