The study found 40% of non-retirees are discounting the value of their retirement, placing more value on spending today than on the reward of saving for the future.

About 40% of non-retirees appreciate the concept of saving early for retirement and acknowledge they probably spend more than they should. But the group felt it was more important to “eat, drink and be merry” in the present, because one may not live to a ripe old retirement age anyway.

Working Canadians appear to be neglecting their financial security with nearly half of the survey respondents admitting they do not have a household budget. More than 20% of non-retirees with debt said they worried a lot about their current debt levels.

The study said one of the reasons Canadians are not thinking about retirement is because of the plethora of financial information in the marketplace. About a third of respondents said they have been overwhelmed by too much information, which has been an obstacle to creating a retirement savings plan.

Most middle-aged Canadians expect a retirement lifestyle that is less comfortable than their current lifestyle. Nearly 70% expressed concerns that the impact of the recent economic downturn will affect their financial security down the road.

But the study noted many also have not taken the time to picture what they want their retirement to look like. The study said people are more likely to think about saving when they have a goal in mind rather than simply leaving it to chance.

While saving for retirement in one’s 30’s or even earlier is ideal, the study recognized that those between 35 and 44 were also the most likely to have other priorities, such as family and paying down mortgage debt. Canadians in this age group with less than $80,000 in household income were among the least likely to be saving for retirement.

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