3 out of 4 Canadians confess cost of living increases hurt retirement plans

Digitally engaged with savings means more stashed cash

While financial situations vary widely throughout the Canadian population with regards to retirement preparedness, some respondents cited a lack of confidence in where to get information. Sun Life’s findings showed that its members who are digitally engaged with their savings and finances have an easier time getting the most out of their money. The company's data shows those who are digitally engaged see an average balance 230% higher than those who are not engaged – $123,800 compared to $51,800.

Digital users contribute 61% more to their savings accounts than those who aren't online, — this works out to approximately $8,700 saved by digitally engaged savers versus an average of $3,400 for savers who are not digitally engaged.

There are other benefits, as well. Savers who are digitally engaged are two times more likely (61%) to maximize their employer match program — where an employer will contribute a matching portion to a retirement fund. Compare this to 30% of non-digitally engaged savers who took advantage of their employer matching program (in 2023). Plus, those who are digitally engaged are more likely to make lump sum contributions and are more likely to withdraw less money from their savings.

These findings are part a related Sun Life report, Designed for Savings: Digital Engagement, that uses data from 1.45 million Sun Life Group Retirement plan members to identify workplace savings trends in Canada.

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Power of technology helps people meet financial goals

"It's important that people not only prepare for retirement but feel confident in the decisions they've made. It's clear that those who regularly log-in online see the long-term benefits of embracing the convenience of digital tools,” Monteiro said. The numbers from this latest survey "... paint a vivid picture about how technology can empower people to take control of their financial future.”

To help, Sun Life recently launched a new Retirement Planner. The tool is available to plan members and helps them create a financial assessment in less than five minutes — as well as the option to talk with a financial consultant.

But don't forget the basics, like estate planning and wills

Retirement can be some of the most freeing years of your life, but it also comes with separate financial obligations that should be taken into consideration when planning for this golden era. One of the most important is making sure you have a robust will that prepares you and your loved ones for the inevitable, while also getting all your finances and assets in order.

For those who prefer to manage their finances online, there is Epilogue Wills, an estate planning platform that offers a unique and comprehensive digital experience. You are given the option to create a will or a will alongside a power of attorney — and its available for individuals and for couples. It even offers a social media will that will help decide what happens to your accounts once you pass away, choosing which posts to preserve, while also deciding how your posts and profiles will live on once you’re no longer around.

Epilogue was founded by two estate lawyers with extensive backgrounds in estate planning and is the only online will business in Canada that was created by individuals who have experience in the field. You can rely on lawyer-quality documents that are more ‘future-proof’ as well as professional guidance throughout the entire process. Visit Epilogue Wills today and see which package satisfies your needs.