Table 4
Regression results on retirees subjective assessments of their financial situation, Canada 2008
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| Keeping up with bills but sometimes a struggle | Retirement income not sufficient to comfortably cover monthly expenses | Financial standard of living in retirement | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Much better or better than expected | As expected | Not as good as expected or much worse than expected | ||||||||
| percent | ||||||||||
| Predicted probability of outcome | 14.1 | 12.5 | 14.0 | 59.4 | 26.7 | |||||
| percentage points | ||||||||||
| Marginal effects associated with change in: | ||||||||||
| Sex | ||||||||||
| Male (reference group) | … | … | … | … | … | |||||
| Female | -0.9 | -0.8 | 2.8 | 2.4 | -5.2 | ** | ||||
| Age group | ||||||||||
| Age 55 to 64 | -0.8 | 5.7 | ** | -1.5 | -0.3 | 1.8 | ||||
| Age 65 to 74 (reference group) | … | … | … | … | … | |||||
| Age 75 or older | -6.6 | *** | -4.6 | ** | 2.4 | 7.3 | ** | -9.6 | *** | |
| Marital status | ||||||||||
| Married/Living common-law (reference group) | … | … | … | … | … | |||||
| Widowed | 0.9 | 1.6 | 1.4 | -3.2 | 1.8 | |||||
| Separated/Divorced | 0.4 | -0.6 | 0.4 | 2.2 | -2.6 | |||||
| Never married | -4.5 | * | -4.2 | * | 3.0 | 1.8 | -4.8 | |||
| Educational attainment | ||||||||||
| Less than high school | 2.7 | 1.8 | -0.3 | -0.7 | 1.0 | |||||
| High school/Some postsecondary (reference group) | … | … | … | … | … | |||||
| Postsecondary certificate or diploma | 3.4 | 1.9 | -2.1 | -0.2 | 2.3 | |||||
| University degree | 0.2 | 1.2 | -0.4 | 3.3 | -2.9 | |||||
| Immigration status | ||||||||||
| Born in Canada (reference group) | … | … | … | … | … | |||||
| Immigrated prior to 1980 | 6.4 | ** | 9.0 | *** | -1.8 | -6.7 | * | 8.5 | ** | |
| Immigrated since 1980 | 1.8 | 17.0 | ** | -4.0 | 2.3 | 1.7 | ||||
| Household income | ||||||||||
| Less than $20,000 | 10.6 | *** | 9.1 | *** | -2.0 | -7.9 | ** | 9.9 | *** | |
| $20,000 to $39,999 (reference group) | … | … | … | … | … | |||||
| $40,000 to $59,999 | -5.0 | ** | -6.0 | *** | 1.1 | 8.7 | ** | -9.8 | *** | |
| $60,000 to $79,999 | -6.6 | ** | -5.5 | ** | 6.9 | * | 7.7 | * | -14.7 | *** |
| $80,000 or more | -7.8 | *** | -7.7 | *** | 12.0 | *** | 1.6 | -13.6 | *** | |
| Housing tenure | ||||||||||
| Owned, no mortgage (reference group) | … | … | … | … | … | |||||
| Owned, with mortgage | 23.4 | *** | 10.8 | *** | -0.8 | -17.5 | *** | 18.3 | *** | |
| Rent | 5.6 | ** | 4.8 | * | -2.5 | -9.7 | *** | 12.1 | *** | |
p<.05
p<.01
p<.001
Note(s):
Predicted probabilities calculated on the basis of being male, aged 65 to 74, married or living common-law, with high school or some postsecondary education, born in Canada, household income $20,000 to $39,999, and own home with no mortgage.
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