According to the most recent Aging in Canada Survey, one in four older Canadian adults has less than $5000 in retirement savings. 

Director of the National Institute on Aging Gabrielle Gallant says this is one of the most startling findings from the survey.  

“Having less than $5000 in savings leaves many older adults with virtually no buffer for unexpected expenses, increased risk of material hardship, debt, reliance on credit, and that’s especially severe when paired with fixed incomes. “

She adds that those who are most likely to have minimal savings are women, renters, and those in poor health.  

From the technology portion of the survey, NIA gathered that older adults could be getting left behind as Canada progresses further into the digital realm. 

Gallant says two thirds of older adults use their smart phones to manage their money. 

“Now here’s a question to consider. If 68 per cent of older Canadians are banking on their smart phones, what happens to the 32 per cent that aren’t? Think about the last time you booked a doctor’s appointment or paid a bill. For most of us, it would be weird to try to do that without our smart phone.”

She says this highlights the importance of closing digital divides, so older adults aren’t left out to dry.   

Smart phone ownership in general is also falling dramatically with age. 

“By the time Canadians reach 80 plus, only 65 per cent own a smart phone, and with a one-third drop in ownership compared to younger cohorts of older adults, the implication here is that as services, information, and even healthcare moves online, the oldest Canadians are at risk of being left out.”

However, she says total smartphone ownership among older Canadians continues to climb year over year.