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Canadians slow spending after age 70: Study

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Life Health Professional | 17 Jun 2016, 08:15 AM Agree 0
New study finds Canadians cut down on spending drastically beyond age 70, says increasing workplace pension contributions unnecessary
  • John F | 17 Jun 2016, 12:12 PM Agree 0
    Studies and numbers such as this can be easily misconstrued. I deal with seniors, typically aged 70 plus every day. They spend less because they are concerned they will run out of money. They also spend less on leisure items over time and as they get older, their income doesn't increase and the cost of living erodes their buying power. Many, specifically those who were not fortunate enough to have a DB plan, have used much of their savings, if not all, and all living from CPP/OAS cheque to cheque. For those who still have savings/investments, they have been significantly financially impacted by near zero interest rates on their savings.
    I would suggest that the people who do these studies get out of the offices and meet the people who they are talking about and see what is really taking place.
  • GordN | 17 Jun 2016, 06:34 PM Agree 0
    I dunno John, I can concur with my clients do exactly this. But then, that's only a sample I guess. They just seem to go out less, travel less, buy less, eat less. Give up their car. Expenses; (non-health care) that seem to be still active are iPads, gifts and cable services.
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