Finances in the golden years

Organization

Statistics Canada

Published

2003

Summary

The financial situation of Canadian seniors appears much more secure if the equation includes wealth and not just income, according to a new study.

More than half of seniors own their homes mortgage free. Nearly half are still saving and only 1 in 10 are dipping into investment capital to make ends meet. Only a third of senior families feel the need to follow a budget compared with half of younger families.

Younger families are still in the process of building up their stock of wealth-buying homes or accumulating retirement savings or other investments. However, many seniors have already accumulated substantial wealth to draw on in times of need. (Wealth is the difference between total assets and total debts.)

The study uses data from the 1999 Survey of Financial Security to examine sources of income and wealth among seniors, as well as their debts and preparedness for unexpected expenses. It also examines two groups of seniors that potentially face financial insecurity: unattached women and those whose expenses exceed their income.

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Source: Consumer Policy Research Database