B.C. residents more likely to work in retirement than other Canadians, says report

West Coast residents should expect a little less rest in their golden years compared with other Canadians.

Nearly half (49 per cent) of British Columbians anticipate working in some capacity during their retirement, according to a report released Tuesday (April 30) from Fidelity Investments Canada ULC.

That's higher than the national average of 41 per cent. Only the Prairie region (50 per cent) manages to outdo B.C. among residents expecting to work during retirement.

Overall, 82 per cent of retirees say inflation is having a negative financial impact on them in retirement. And 43 per cent of 2024 survey respondents say they now plan to retire later than planned compared with 37 per cent last year.

A 2022 report from the Office of the Seniors Advocate B.C. noted that as seniors are living longer, the costs related to aging will rise.

The advocate's report concluded that over the preceding 10 years, market rents have increased by 50 per cent, while the allowable rent increase increased by 34 per cent.

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