On Thursday August 22nd, 2013 – Susan Eng, CARP VP of Advocacy was invited to comment on the release of CIBC poll that showed that parents were increasingly sacrificing retirement savings to pay for their children’s education. The poll reveals signs of increasing retirement insecurity.
This is something CARP members have been telling us for some time now: that they are increasingly providing financial help to their children and grandchildren, sometime even taking out loans to do so. A recent poll showed a dramatic reversal in members’ sense of financial well-being – reflecting the financial struggles of their children and grandchildren but also their own – as they see that they have to keep working and have less to retire on.
This is why CARP advocates for a universal pension plan to help people save more effectively for their retirement, help for older workers to get and keep their jobs and funding and strategies for chronic health care. These are unsettled economic times and it affect everyone, young and old.