{"id":18922,"date":"2020-07-09T15:15:06","date_gmt":"2020-07-09T19:15:06","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/canadians-prioritizing-emergency-savings-over-retirement-other-long-term-goals-survey-147871"},"modified":"2020-07-09T15:15:06","modified_gmt":"2020-07-09T19:15:06","slug":"canadians-prioritizing-emergency-savings-over-retirement-other-long-term-goals-survey","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/07\/09\/canadians-prioritizing-emergency-savings-over-retirement-other-long-term-goals-survey\/","title":{"rendered":"Canadians prioritizing emergency savings over retirement, other long-term goals: survey"},"content":{"rendered":"
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Staff<\/span> | July 9, 2020 <\/p>\n

Among Canadians with a retirement plan, 77 per cent said they\u2019re confident they\u2019ll have enough money to last the rest of their lives, compared to 52 per cent without one, according to a new survey by Franklin Templeton Canada.<\/p>\n

The survey, which was conducted in February, prior to the coronavirus pandemic, also found that among retirees, 54 per cent with a retirement plan said they\u2019ve saved enough for retirement, compared to 33 per cent of those without a plan.<\/p>\n

\u201cThe uncertainty and financial hardship related to COVID-19 has caused many individuals to reconsider their short- and long-term financial priorities,\u201d wrote Manmeet Bhatia, head of private wealth at Franklin Templeton Canada, in a blog post.<\/p>\n

Read: Canadians reducing retirement savings due to coronavirus<\/a><\/strong><\/p>\n

\u201cIndividuals without adequate savings may not only need to curb everyday spending, but also delay their retirement or other long-term goals. The virus has put the spotlight on financial preparedness and the importance of having a strategy to cope with unforeseen events or things generally beyond our control.\u201d<\/p>\n

Indeed, when asked to choose from a list of different current financial goals or priorities, survey respondents cited \u201chaving sufficient emergency savings to cover unexpected expenses\u201d more frequently than saving for a home or for retirement. And one in four Canadians who felt they haven\u2019t saved enough for retirement blamed their shortfall on an unexpected expense or event.<\/p>\n

\u201cIn order to help achieve overall financial well-being, we believe it\u2019s important to help people feel more empowered,\u201d wrote Bhatia. \u201cSetting good financial habits early, like saving regularly for a goal is important, but it\u2019s never too late to develop a financial plan. Competing priorities call for a holistic and highly personalized approach and even small changes can help reduce stress and anxiety, should an unexpected shock occur.\u201d<\/p>\n

Read: Could coronavirus delay DC plan members\u2019 expected retirements?<\/a><\/strong><\/p>\n

Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Staff | July 9, 2020 Among Canadians with a retirement plan, 77 per cent said they\u2019re confident they\u2019ll have enough money to last the rest of their lives, compared to 52 per cent without one, according...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18922"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18922"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18922\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}