[Dion]

The third annual survey by the CPA also found 40 per cent of Canadians expect to postpone their retirement because they aren’t saving enough.

Sixty-eight per cent of the 2,070 employees surveyed said they have saved less than a quarter of the money they expect to need to retire.

“This is particularly troubling when you realize even the older age groups are not saving for their retirement,” says Dianne Winsor, chair of the CPA.

“For example, more than 40 per cent of Canadian employees aged 55 to 65 are still less than a quarter of the way to their retirement savings goal.”

The CPA survey found half of employees were putting aside five per cent or less of their net pay. Financial planners generally recommend putting aside 10 per cent of each paycheque.

Thirty-two per cent said the most significant thing they can do to improve their financial situation is spend less.

For 22 per cent, paying off credit card debt was the top priority. According to the most recent figures from TransUnion, Canadians are carrying an average non-mortgage debt of $25,60

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