Canada’s population is rapidly aging, which means a growing number of seniors across the country are managing household finances in an evolving economic climate. In this context, many are choosing to remain in – or return to – the paid labour market to manage their financial responsibilities, while others focus on other diverse income sources to meet their needs.
As seniors and their families adapt their financial management strategies and their aspirations in response to this ever-changing environment, they in turn are reshaping workplaces, retirement and the economy at large. To explore the relationship between seniors and family finances, we’ve published Modern Family Finances: Seniors in Canada, which brings together statistics from a variety of sources about seniors and their economic well-being, including data about employment, income, retirement and debt among this age group.
- In 2016, the average retirement age in Canada was 63.6 years – a slow but steady increase from a low of 60.9 years in 1998.
- More than one-third (36%) of Canadians in the labour force say that ongoing employment earnings are a part of their financial retirement plan.
- In 2015, 3 in 10 seniors in Canada reported having employment income, with significantly higher rates among Inuit seniors (46%).
- In 2015, nearly 1 in 7 seniors lived with low income – nearly four times the rate in 1995. Rates were higher among senior women (17%, vs. 12% among senior men), recent immigrant seniors (22.2%) and seniors reporting an Aboriginal identity (21.5%).
- In 2015, nearly 1 in 5 seniors in Canada had “unaffordable” shelter costs, spending more than 30% of average total monthly income on housing.
- Nearly 4 in 10 of surveyed seniors in Canada (37%) say they plan on leaving an inheritance to a grandchild.
This bilingual resource will be updated periodically as new data emerges. Sign up for our monthly e-newsletter to find out about updates, as well as other news about publications, projects and initiatives from the Vanier Institute.
Published on November 30, 2017