Most Canadians say inflation negatively impacting retirement plans: BMO survey

Retirement plans taking a hit

Photo: The Canadian Press

A magnifying glass enlarges the holographic image of Parliament Hill's Peace Tower on a 20 dollar bill issued by the Bank of Canada, shown in a display case at the Bank of Canada Museum in Ottawa, on Wednesday, Sept. 4, 2024.  

A new survey from BMO finds the majority of Canadians say the rising cost of living is affecting their retirement plans.

Seventy-four per cent of respondents say inflation has raised concerns about whether they will have enough money to fund their retirement.

Meanwhile, 66 per cent say inflation is already impacting their ability to save and invest for their golden years.

The survey also finds that 30 per cent of respondents say they do not know how long their money will last in retirement before it runs out.

Brent Joyce, chief investment strategist at BMO Private Wealth, says that while inflation is a threat to retirement savings, the key is to stay invested and include inflation assumptions in financial plans.

The survey was conducted by Pollara Strategic Insights with an online sample of 1,500 Canadians between Nov. 4 and Nov. 10 last year.