The chances of retiring wealthy are better in Saskatchewan than just about anywhere in the country because our houses are affordable.
There is some remarkable new data on wealth accumulation in this country in the latest StatsCanada report. And it puts both context and a sense of urgency on the issues surrounding housing that are capturing so much attention lately.
The thumbnail goes like this: if you don’t own a house or have a pension plan, you’ll have some serious financial challenges later in life.
The report looks at households where the primary income earner is between 55 and 64, owned a home and was a member of an employer-sponsored pension plan. The median net worth for people in this category was $1.4 million. Those who were renters without a pension plan had a median net worth of $12,000 at the same age.
Traditionally, the track was to accumulate assets during our working years and then live off them in retirement. But those without a house and pension end up working longer, need more government support and at greater risk of poverty.
