Workplace Challenges

A new study on single Canadian baby boomers suggests that the way we work, play and retire is rapidly changing, right across the country.

Single boomers

The survey, by Investors Group, says that single boomers treasure the personal freedom of the single life, but also plan to work longer and have concerns about who will care for them in their elder years.

P.J. HARSTON
[ 2008-02-06 ]

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The study of 2,628 singles between the ages of 40 and 60 comes on the heels of 2007 Statistics Canada reports saying that a record 3.3 million households across Canada had just one resident and that a majority of Canadians age 15 and older -- for the first time -- were not married.

Personal freedom and the ability to manage personal finances without interference were cited by respondents as the most important values in their lives.

However, 43% of respondents said they will likely retire later in life because they are single and 28% said they plan to work past the traditional retirement age of 60 to 65. More than half of those who plan to work past the traditional retirement age plan to do so because they need the income and/or access to health benefits.

"Personal freedom is wonderful, but shouldn't be taken for granted," said David Ablett, a retirement specialist with Investors Group, in response to the survey's findings. "Singles may have the flexibility and the advantage of doing whatever they want -- but they can't afford not to plan for the future."


He pointed out that many single boomers don't have children and are worried that they may not have someone to care for them in old age and they don't have a financial plan designed to meet the unique needs of being single.

"A personal financial plan helps secure personal freedom into the future, especially for singles who don't have the built-in support of a spouse or partner," he said.

Among the survey's findings:

- 62% of females say a need for income and health benefits are the reasons they'll work beyond traditional retirement, compared to 45% of men.

- 40% of single boomer women have specific financial plans to meet their needs, compared to nearly half of all single men.

- 46% of women and 47% of men say that being single allows them to focus exclusively on career goals.

- Not sharing the TV remote is more important for women (38%) than it is for men (27%).

- 66% of single boomers like going to bed whenever they want.

- 67% like having the ability to take holidays at their own preferred locations.

- 80% value their ability to choose the friends they want.

- 62% say lack of companionship is a drawback of being single.

- 24% worry about having a close personal care provider in case of poor health.

"The emergence of 'singles' as a significant cohort has huge culture, economic and social implications," Ablett said. "Aging singles have very specific life and financial planning considerations that should be addressed."



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