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However, 68 per cent said they worry about outliving their retirement savings, 72 per cent said they may need to slow their retirement contributions in the next year and 90 per cent said they’d feel more confident if their retirement plan helped smooth financial ups and downs throughout their lifetime.
The survey noted confidence is higher in wealthier households: just 54 per cent of respondents living in households with an income of less than $75,000 said they’re on track for retirement versus 72 per cent of those with household incomes of $150,000 or more.
More than six in 10 (62 per cent) respondents said they expect rising living expenses to create financial challenges for them and 77 per cent said higher inflation and market volatility have made it harder to stay on track.
Nearly three quarters (70 per cent) of generation Z feel they’re on track for retirement, compared with 51 per cent of generation X. Roughly eight in 10 (77 per cent) of mid-career employees said they expect to reduce retirement contributions in the coming year and 67 per cent of gen X said they worry about outliving their savings. Among retirees, 82 per cent said they’re confident their savings will support them throughout their remaining journey.
“Canadians have made meaningful progress building retirement savings, but saving is only part of the equation,” said Nick Nefouse, global head of retirement solutions and head of LifePath at BlackRock, in a press release.
“As people move through different stages of life, they face different retirement challenges, from balancing competing priorities early in their careers to making decisions about income, spending and risk later on. The opportunity for the industry is to deliver solutions that evolve with investors throughout that journey, helping turn long-term savings into lasting retirement security.”
Read: Half of Canadians worry about outliving savings in retirement: survey