Canadians Struggle to Save for Retirement Amid Rising Costs

Recent surveys reveal that many Canadians are struggling to save for retirement amid rising living costs and economic uncertainty. Only 39% plan to contribute to their RRSP this year, a significant drop from previous years, with just 15% intending to maximize their contributions. Younger Canadians, particularly those aged 18-34, are facing the largest declines in retirement savings, with many citing financial challenges like insufficient income and debt repayment as major barriers. Additionally, almost half of single Canadians feel that saving for retirement is nearly impossible, highlighting a potential 'singles tax' on financial security. Experts emphasize the need for tailored financial advice to address the unique challenges that individuals face in planning for retirement. Overall, the data underscores the urgent need for comprehensive financial strategies that balance immediate expenses with long-term retirement goals.