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Life Health > Life Insurance

Sun Life: Canadians Also Raid Nest Eggs

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Workers in Canada seem to be feeling some of the same intense financial pressure that U.S. workers are feeling.

One indicator is that about 9% of the Canadian workers surveyed say they have cracked their nest eggs and started spending their retirement savings to cover current expenses in recent months due to the economy, according to researchers at Sun Life Financial Inc., Toronto.

U.S. workers are breaking their nest eggs at about the same rate, the Sun Life researchers report.

The researchers have commissioned December 2008 surveys of 1,226 Canadian workers ages 30 to 65 and 1,200 U.S. workers ages 30 to 66 for an “Unretirement Index.”

The index measures the confidence that workers have about the likelihood that they will be able to retire when and how they want to retire.

The researchers found that Canadians are more confident about post-retirement medical expenses.

About 37% of the Canadians said they would be able to handle medical expenses at the age they retire, compared with 23% of the U.S. survey participants.


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