More than a third of mid-career Canadians are working longer hours to support both their children and aging parents, according to a survey by Credit Canada and Capital One Canada.
Those in this “sandwich generation” are making more sacrifices to face their responsibilities, the survey of 830 found. For 55 per cent, the costs are forcing them to rethink their plans for retirement, 43 per cent are eating out less often, 38 per cent have had to cut back on lifestyle expenses such as entertainment or social activities, and 36 per cent have had to dip into their savings.
“What’s most concerning is the amount of expenses that this group of Canadians is being forced to take on at a time when they should be saving for retirement,” said Laurie Campbell, executive director of Credit Canada.
Retired, but not done working
More than two-thirds of Canadians plan to continue doing some work after they retire, according to a survey done for Canadian Imperial Bank of Commerce.
Forty-five per cent of the 1,800 Canadians surveyed by Harris/Decima said they expect to work part-time after retirement, 24 per cent will do occasional consulting, 9 per cent plan to start a new business and 8 per cent hope to continue working full-time.
The will to keep busy seems to decline from west to east in Canada. In British Columbia, 80 per cent said they will likely continue working in retirement. That fell to 78 per cent in Alberta, 70 per cent in Ontario, 61 per cent in Quebec and 61 per cent in Atlantic Canada.
Manitoba and Saskatchewan had the highest percentage of respondents who would like to start a new business in retirement, at 16 per cent.
Lots of helping hands for job seekers
Nine out of 10 employees are willing to help a friend or acquaintance search for a new job, according to a survey by staffing service Right Management.
With unemployment high and an increasing number of workers feeling dissatisfied with current jobs, “the good news is that they may rely on people’s genuine willingness to help in their hunt for a new position,” said Monika Morrow, Right Management’s career practice leader.
The survey of 528 Canadian and U.S. employees found that more than 50 per cent have offered their help in the past year to someone seeking a new job.