Many Canadians Over 55 Struggle to Pay Bills

By Andrew Rickard | November 13 2014 01:01PM

A national survey conducted for the Chartered Professional Accountants of Canada (CPA Canada) has revealed that while 50% of respondents aged 55 or older said they were able to pay their monthly bills with relative ease, 25% indicated that they are having trouble making ends meet.

Asked about what they expect from the future, 22% of respondents indicated that they expect their financial situation to improve in ten years, while 38% believe it will be the same and 31% think it will worsen. While 60% of those surveyed expect their savings and income will be sufficient to last the rest of their lives, 30% were less optimistic.

People were also asked what they would have done differently to prepare for their retirement years, and the top response (from 46% of those surveyed) was that they would have set more money aside. "With experience comes wisdom so it is no surprise that many respondents wished they had saved more," comments Cairine Wilson, vice-president of corporate citizenship at CPA Canada.