New EQ Bank Seniors Month Survey: Over half of older Canadian homeowners' retirement savings hit by recent economic uncertainty, many cutting back on expenses
- A new survey released by EQ Bank during Seniors Month finds that over two thirds (69%) of homeowners aged 45+ have reduced their spending due to concerns about their finances in retirement
- Over half (56%) of respondents feel that much of their wealth is tied up in their home rather than available in cash or savings
- EQ Bank has solutions that open the door for older Canadian homeowners to attain financial flexibility, stability and confidence in retirement
TORONTO, June 3, 2026 /CNW/ - EQ Bank today released a national survey which explores the new realities of retirement impacting Canadian homeowners aged 45 and older, shining a light on the growing financial pressures facing retirees and those nearing retirement. Findings demonstrate how many older Canadians (69%) are reducing expenses due to retirement affordability, meanwhile, Canadians in their 40s-60s are performing a financial balancing act – supporting their family members, while trying to secure their own financial future (68%). Launched during Seniors Month, the EQ Bank survey is designed to enhance Canadians' retirement planning by arming them with financial knowledge and tools like reverse mortgages that can provide homeowners with more peace of mind and financial confidence.
Conducted online by the Angus Reid Group during May 2026, the survey revealed that recent economic changes are affecting financial planning and comfort for those approaching retirement in Canada. Notably, over half (53%) of Canadian homeowners aged 45 and older have had their retirement savings negatively impacted due to economic uncertainties over the past year. This widespread concern over retirement affordability extends as another two thirds (61%) said they worry about being financially comfortable in retirement, while nearly one quarter (24%) of respondents who expect to fully retire at some point are not confident that they will have enough money to live the retirement lifestyle they pictured.
"For years, we've focused on serving Canadians whose needs are often overlooked by our country's largest banks," said Daniel Rethazy, EVP, Personal Banking. "Today more than ever, older Canadians are facing growing financial pressure as they approach retirement. We believe they deserve greater choice and financial freedom. That's why we're investing in solutions and education that help customers and their families better understand their options – and access tools that can meaningfully improve their well-being."
Retirement affordability worries are forcing older Canadians to reduce or cut expenses, from discretionary pleasures to necessary healthcare needs
Retirement-related financial pressures are forcing Canadian homeowners aged 45 and older to cut back on both discretionary and necessary expenses. EQ Bank's survey results reveal they are curbing spending on pricier food and groceries (39%), small personal treats or discretionary spending (39%), charitable donations (30%), hobbies or leisure activities (28%) and necessary healthcare services, such as dental, vision or physiotherapy (14%).
The 'sandwich generation' is performing financial balancing acts with family obligations impacting their own retirement plans
Another aspect of contemporary retirement is that the 'sandwich generation' (those typically in their 40s-60s) are now performing a financial balancing act: supporting their family members, while trying to secure their own financial future. This intergenerational pressure is a force of financial stress for Canadians in or nearing retirement. The survey found that over two thirds (68%) of respondents aged 45-54 are financially supporting family members, including children, adult children, aging parents or older family members. Within this group, over half (58%) said that supporting their family members has directly affected their ability to save for, plan for, or live comfortably in retirement.
"Historically, Canadians counted on a more predictable pathway to retirement, which has rapidly changed and left many searching for options to adjust their plans accordingly," said Zamina Walji, Vice President, Decumulation Businesses. "As Canada's retirement income gap grows, reverse mortgages are emerging as a powerful, underused solution to unlock housing wealth and help older Canadians age in place."
Many Canadians relate to the notion of house rich, cash poor, as the survey found that over half (56%) feel much of their wealth is tied up in their home rather than available in cash or savings. A further third (31%) said that home equity will be or already is an important source of income in their retirement, highlighting how valuable homes are for unlocking financial possibilities later in life. The survey also uncovered an emotional and positive truth about Canadian families and their legacies. Nearly two-thirds (65%) said that providing their family with a living inheritance would be deeply meaningful.
Reverse mortgages can be a valuable option in the modern retirement plan
The intersection of financial stress combined with the emotional and financial pressures of helping family members and the emphasis on home equity reveals the need for a bridge of financial solutions that can help Canadian homeowners reach the retirement they always imagined.
Retirement is not one-size-fits-all, in fact, 6-in-10 (60%) respondents would like to better understand the financial options available to them in retirement. That's why EQ Bank believes that greater education is crucial to enabling older Canadians and their families to make the financial decisions that are right for them. Common misconceptions about tools like a reverse mortgage persist; the survey found that among respondents who have heard of a reserve mortgage product before, over half (53%) believe that the lender takes ownership of the home and nearly half (45%) believe that a homeowner with a reverse mortgage could end up owing more than their home is worth – both of which are false1.
An EQ Bank reverse mortgage offers Canadian homeowners over the age of 55 the ability to use their most valuable asset to live the retirement they deserve. By turning home equity into tax-free* cash, activities like paying down an existing mortgage, outfitting their home to age in place, helping children with a downpayment or paying for unexpected medical expenses can quickly become a reality for seniors who need it. There are no monthly payments, full homeownership is retained1 and it does not interfere with any federal retirement benefits.
EQ Bank is building solutions that help Canadians and their families, providing tailored advice and competitive rates, through trusted advisors, ensuring customers feel understood and confident in their decision.
To learn more about EQ Bank's reverse mortgages, available to Canadian homeowners 55+, visit equitablebank.ca/reverse-mortgage.
Disclaimers
*EQ Bank does not offer tax advice. Please consult your financial advisor to discuss the tax-free benefits of a reverse mortgage.
1Subject to borrowers meeting their mortgage obligations. Must keep property taxes and home insurance paid and current, maintain property, and keep current all mortgage obligations. No negative equity guarantee excludes any fees and interest accrued after mortgage due date.
EQ Bank is a trade name of Equitable Bank.
About EQ Bank
Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. As Canada's Challenger Bank™ and seventh largest bank by assets, it leverages technology to deliver exceptional personal and commercial banking experiences and services to over 827,000 customers and more than six million credit union members through its businesses. It is a wholly owned subsidiary of EQB Inc. (TSX: EQB), a leading digital financial services company with $144 billion in combined assets under management and administration (as at April 30, 2026).
To learn more, please visit eqb.investorroom.com or connect with us on LinkedIn.
About the survey
These are the findings of a study/survey conducted by EQ Bank from May 15-21, 2026 among a representative sample of n=1306 online Canadians aged 45+ who are members of the Angus Reid Forum and own their home. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.7 percentage points, 19 times out of 20.
Investor contact:
Lemar Persaud
VP and Head of IR
[email protected]
Media contact:
Danielle Mason
Director, PR & Communications
[email protected]
SOURCE EQ Bank
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