Finances in the golden years


Statistics Canada




The financial situation of Canadian seniors appears much more secure if the equation includes wealth and not just income, according to a new study.

More than half of seniors own their homes mortgage free. Nearly half are still saving and only 1 in 10 are dipping into investment capital to make ends meet. Only a third of senior families feel the need to follow a budget compared with half of younger families.

Younger families are still in the process of building up their stock of wealth-buying homes or accumulating retirement savings or other investments. However, many seniors have already accumulated substantial wealth to draw on in times of need. (Wealth is the difference between total assets and total debts.)

The study uses data from the 1999 Survey of Financial Security to examine sources of income and wealth among seniors, as well as their debts and preparedness for unexpected expenses. It also examines two groups of seniors that potentially face financial insecurity: unattached women and those whose expenses exceed their income.

This document is available in the following language(s):

Third-Party Information Liability Disclaimer

Some of the information on this Web page has been provided by external sources. The Government of Canada is not responsible for the accuracy, reliability or currency of the information supplied by external sources. Users wishing to rely upon this information should consult directly with the source of the information. Content provided by external sources is not subject to official languages, privacy and accessibility requirements.

English and French

Contact information

Statistics Canada
150 Tunney's Pasture Driveway
Ottawa, ON  K1A 0T6
(800) 263-1136
(877) 287-4369

Source: Consumer Policy Research Database

Date Modified: