A financially stable retirement out of reach for many Canadians: Poll

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Only 36% of Canadians feel confident in their ability to maintain financial stability in retirement, while an additional 7% say they feel very confident about their retirement finances, according to a poll.

Meanwhile, 27% say they’re not confident at all, and another 37% feel only somewhat confident, according to the poll conducted by Angus Reid for Bloom Finance.

The poll also found:

—  46% say that increasing Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) is the financial relief measure that would be the most helpful in retirement.

— 67% ranked OAS and GIS in their top two most helpful financial relief measures.

— Increasing tax-free earnings for working seniors (39%) and maintaining the current OAS and GIS (35%) were the next most popular measures.

— The top expected sources of retirement income for Canadians are CPP/QPP (72%), personal savings (69%) and OAS and GIS (61%).

Conducted April 7-9, a representative sample of 1515 online Canadians who are members of the Angus Reid Forum were surveyed for the poll. A probability sample of this size would carry a margin of error of 2.5%, 19 times out of 20.

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