Table 4 Retirement preparation by family type
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|Employed low-income||Not-employed low-income||Employed non-low-income|
|Financially preparing for retirement||52||24*||85*|
|Sources of revenue included in financial plan|
|Registered Retirement Savings Plan (RRSP)||65||50*||85*|
|Sale of assets||31||33||35*|
|Rely on family or inheritance||30||39*||27*|
|Earnings in retirement||53||50*||52*|
|Reason for not financially preparing for retirement1|
|Can't afford to, don't earn enough, income too low||50||39*||42*|
|Don't have a job, haven't worked long enough||14||40*||10*|
|Too many debts, bills, financial commitments||8||7*||11*|
|Don't think about it, haven't got around to it||11||7*||13*|
|I'm young, lots of time||10||F||11|
|Level of confidence of income in retirement|
|Not very confident||33||31*||22*|
|Not at all confident||16||26*||7*|
|Know level of income needed in retirement||26||22*||48*|
1. Other reasons not shown in this table for not planning for retirement include relying on government pension; relying on partner's pension; relying on future inheritance; relying on financial support from family; don't think I'll live that long; waiting to get a job with a pension plan; and other reasons. Data for these reasons are excluded from the table due to low cell count.
* significant difference from the employed low-income (reference group) at the 5% level
F too unreliable to be published
Note: Results are age-standardized. Proportions for sources of revenue and reason not financially prepared may not add to 100% as responses are not mutually exclusive.
Source: Statistics Canada, Canadian Financial Capability Survey, 2009.
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