Mortgages add to Gen-X concern over retirement

Canadians in their 30’s and 40’s are concerned about their ability to save enough for their retirement but many do not have spare cash available due to current costs. A survey by mortgage lender CIBC found that half of the respondents will not be contributing to an RRSP and 41 per cent of those cite a lack of money while another 14 per cent have other debt priorities including paying down mortgages. Among Gen-X respondents, 86 per cent are concerned about saving enough for their retirement and the proportion who say they do not have the money to save is 59 per cent. As well as paying down debt, home improvements and mortgage downpayments are also draining many Canadians’ available funds.

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