More and more Canadians will be relying on personal savings and investments to sustain them throughout retirement, according to a recent study from Natixis Global Asset Management.

Gone are the days when a solid combination of employer and government pensions and personal savings could provide a solid retirement income as 78% of Canadians surveyed for the Natixis report said the onus is on them to ensure they'll have an enough income to support their post-work years financially.

In addition, 97% of Canadians said their personal savings and investments, including their workplace retirement savings, will play a key role in their retirement.

In light of these concerns, Canadians are taking a proactive approach as they're saving 9% of their annual income, on average, while 64% of Canadians are contributing to an employer-sponsored retirement plan.

"Canadians are generally concerned about not saving enough [money] and the long-term costs of being in retirement," says Abe Goenka, CEO of Natixis Global Asset Management Canada, in a statement. "Financial advisors can help them understand what the costs are in retirement and also guide them to develop a plan to reach the funding goals that they have."

In fact, the report found that many Canadians are in need of such guidance as 40% report not having an estimation of their retirement expenses.

Furthermore, 77% said they will rely on family members more than government programs to help them cover their retirement costs. Specifically, 60% will be counting on a spouse's or partner's retirement savings and 39% will turn to children for financial and housing assistance, if necessary.

Many Canadians are also relying on elder family members to support their retirement through a received inheritance. In fact, 50% of survey participants believe an inheritance is an important part of retirement income and 45% report an expectation to receive one.

"In many cases, depending on inheritance for retirement income is not a wise strategy, as it may assume that the previous generation has been effective in executing their own retirement plans, namely the impact of inflation, taxes and increased longevity," says Robert Handelman, vice president of tax and wealth with Natixis Global Asset Management Canada, in a statement.

Although 81% of Canadians have every intention of passing on an inheritance, only 43% have actually begun to write a will, posing potential legal and tax consequences for their families and heirs.

Natixis surveyed 300 Canadian investors with a minimum of $134,894 in investible assets as part of a larger global study of 8,300 investors in 26 countries. The online survey was conducted in February and March.

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