Amid the economic impacts of COVID-19 Canadians between 55 and 75 are taking the time to adjust how they spend, save and invest.
The study of over 1000 people found that 69% have not been significantly impacted by the pandemic and just over 20% have been pushed to reach into their savings.
“We wanted to further explore how financial fluctuations may have affected those who are nearing retirement or have recently retired,” said Selene Soo, Director, Wealth Insurance, RBC Insurance.
As a result, they have opted for a more open-handed lifestyle by helping family/friends in need, increasing commitments to a family legacy and charitable giving.
Half of the Canadians involved in the study noted that the pandemic restrictions cut costs from sources of entertainment and travel.
Instead, they opted to use the extra money to grow savings for plans, invest and pay down debt.
Interestingly enough one-fifth of the group that worked with a financial planner expressed confidence about their financial future compared to the one-tenth that share the feeling but lack a financial planner.
“Speaking with a professional like a financial planner or insurance advisor can help protect the money you’ve worked so hard to save,” said Soo
Nearly two-thirds of the participants believe they’re on track to achieve their financial goals.
