Comparison of Canadian Homeowners in their 50s and 75+

A survey commissioned by HomeEquity Bank reveals that 95% of Canadian homeowners aged 75 and older are either very satisfied or somewhat satisfied with their lives, in contrast to only 79% of Canadians in their 50s.

Study’s happiness markers: Financial stability, quality connections & sense of purpose

“Our latest study examines various happiness markers for Canadians and how they evolve with age. We observed a significant difference between those nearing retirement and those already in it,” states Katherine Dudtschak, president and CEO of HomeEquity Bank.

The study’s happiness markers include financial stability, quality connections, and sense of purpose.

“To achieve fulfillment, one must consider all aspects of their life,” notes Vivianne Gauci, senior vice president of customer experience at HomeEquity Bank. “While financial stability is crucial for a healthy and fulfilling life, it is not the only factor. Connections and purpose also play vital roles, which is why a happy retirement necessitates a holistic approach.”

Here are the study findings.

Financial stability

48% of Canadians in their 50s feel very good or excellent about their finances, compared to 68% of those aged 75 and older.

Similarly, more individuals in the older age group (75%) versus the younger age group (55%) believed they could manage a major unexpected expense.

Quality connections

The study indicates that feelings of connectedness and having strong friendships increase as individuals age from their 50s to 75+ (70% versus 85%).

Additionally, the indicator of connection, living in well-maintained homes enjoyed by family members, improves with age (81% versus 89%).

Sense of purpose

Being actively involved in their communities is more prevalent among those aged 75 and above (48%) compared to those in their 50s (30%). Similarly, engaging in community service and supporting charitable causes increases with age (34% versus 51%).

Biggest stressors

For homeowners in their 50s, the primary stressors include concerns about outliving retirement savings, inadequate financial support, and leaving behind a meaningful legacy.

This is exacerbated by a changing retirement landscape, with Canadians aging with more debt, limited savings, reduced pensions, longer life expectancies, and evolving healthcare needs.

View the complete report here.