More than half of older Canadian homeowners say
From economic turmoil
Older Canadian homeowners report struggling with economic turbulence over the past year, leaving a visible dent in their financial security. Spending cutbacks span groceries to healthcare as affordability anxiety grips those nearing or in retirement.
Research conducted by the Angus Reid Group in mid-May for EQ Bank surveyed 1,306 Canadian homeowners aged 45 and over and found that 53% had seen their retirement savings negatively affected by economic uncertainty, while 61% expressed worry about their ability to live comfortably in retirement.
More than half of respondents said they feel that the bulk of their wealth is locked up in their property rather than accessible as cash or liquid savings, while 31% said home equity is already, or will become, a meaningful income source in retirement.
The survey also highlights the financial squeeze facing what researchers often call the sandwich generation — those typically in their 40s and 50s caught between supporting both younger and older family members while trying to build their own retirement cushion.
Among respondents aged 45 to 54, 68% reported providing some form of financial support to family members, whether children, adult children, aging parents or other relatives. Of that group, 58% said those obligations had directly affected their capacity to save for or live comfortably in retirement.
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