A growing number of seniors in Canada today are choosing to remain in – or return to – the paid labour market to manage their multiple financial responsibilities and, for some, to provide support to younger generations. As seniors and their families adapt their financial management strategies, expectations and aspirations in response to this ever-changing environment, they in turn are reshaping workplaces, Canada’s workforce, modern retirement and the economy at large.
To explore the relationship between seniors and family finances, we’ve created a fact sheet that gathers statistics from a variety of sources about seniors, their economic well-being and their evolving relationship with the paid labour market.
- According to the 2016 Census, 1 in 5 seniors in Canada worked at some point in 2015, 30% of whom worked full-year and full-time.
- In 2016, the average retirement age in Canada was 63.8 years – a slow but steady increase from a low of 60.9 years in 1998.
- In 2017, surveyed Canadians aged 60 and older who worked or wanted to work were nearly split on the question of whether it was “out of necessity” (49%) or “out of choice” (51%).
- Nearly 3 in 10 surveyed working seniors surveyed in 2018 (28%) reported that they provide financial support to their children.