Guelph, ON (Feb. 19, 2025) \u2013 Financial confidence is growing, but this isn\u2019t translating to a better idea of retirement for one group: singles. A new survey from Co-operators shows that Canadians are feeling more confident in their finances compared to previous years\u2019 surveys (37% in 2025 versus 35% and 33% in 2024 and 2023) but the long-term outlook is murkier for singles. This begs the question \u2013 is there a singles tax on retirement?<\/p>\n
Survey responses appear to say \u2018yes.\u2019 Many singles are still struggling to balance everyday costs, giving them a bleak perspective on their financial future and impacting their ability to save. Just under half of all singles (45%) view saving for retirement as a near-impossible task \u2013 a view conceded by 40% of all Canadians who don\u2019t think most single people can realistically save enough money to retire on their own.<\/p>\n
\u201cWhile we\u2019re happy to hear people are beginning to feel more financially secure, the data shows younger generations are still vulnerable, and unable to balance the cost of living and saving for retirement,\u201d said Jess Baker<\/span>, EVP and Chief Retail Sales Officer, Co-operators. \u201cThere has been an assumption the young and single are living carefree \u2014 that\u2019s clearly not the case. We need to make sure financial advice reflects the unique challenges these individuals face.\u201d<\/p>\n According to the survey from Co-operators, nearly half (44%) of all singles are putting less than $25<\/span> per month aside for saving and investing, and over a third (35%) have less than $5,000<\/span> saved for retirement<\/u> in total.<\/p>\n \u201cThere shouldn\u2019t be a penalty for being single, but it\u2019s clear having a partner, someone who shares your financial goals and works with you to achieve them, is a factor in Canadian financial security and resilience,\u201d says Baker. \u201cPeople need community \u2013 and tailored advice and planning is one of the most easily accessible and powerful ways to address that gap when it comes to your finances.\u201d<\/p>\n Over a third of Canadians (37%) identify as single \u2013 a little less than half (43%) of whom are living with roommates and family members. Many Canadians (64%) agree that these singles are resigned to living with friends or family later in life to manage expenses.<\/p>\n No one should be left behind.<\/b><\/p>\n One-in-three (36%) of single Canadians fear they\u2019ll never be financially able to retire. Leading up to this year\u2019s RRSP contribution deadline, Baker offers the following advice:<\/p>\n A total of 1,500 adult residents from across Canada<\/span> were surveyed online between January 10 to 15, 2025<\/span>. The sample was randomly drawn from Leger\u2019s web panel of potential survey respondents. Post-stratification weights were applied to the sample based on 2021 census population figures to ensure representation by province, age and gender. An associated margin of error for a probability-based sample of this size would be +\/-3%, 19 times out of 20.<\/p>\n Co-operators is a leading Canadian financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. Co-operators has more than $62 billion in assets under administration and has been providing trusted guidance to Canadians for the past 78 years. The organization is well known for its community involvement and its commitment to sustainability. Achieving carbon neutral equivalency in 2020, the organization is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co-operators is also ranked as a Corporate Knights\u2019 Best 50 Corporate Citizen in Canada. For more information, visit www.cooperators.ca<\/a>.<\/p>\n Source: The Co-operators Group Limited<\/em><\/p>\n Tags: Co-operators<\/a>, retirement planning & savings<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":" The \u201csingles tax\u201d is real: roughly half of Canadians agree that retirement will be near impossible for singles \u2013 but tailored financial advice can bridge the gap Guelph, ON (Feb. 19, 2025) \u2013 Financial...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/23212"}],"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=23212"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/23212\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=23212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=23212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=23212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
About the survey<\/b><\/h4>\n
About Co-operators<\/b><\/h4>\n