The world is an expensive place and one that can encourage us to spend more money than we really have. Be it through the desire to go on vacation, purchase that pricey purse, or take care of an emergency renovation, debt can very easily creep into our lives.

In a new Ipsos poll commissioned by Sun Life Financial Canada, it was revealed that 25% of Canadian retirees polled are “living with debt.”

Unpaid credit cards are the biggest issue at play, with 66% of respondents admitting to this kind of debt being a sizeable source of their financial struggles. Car payments (26%) and mortgage payments (20%) came in at second and third, respectively.

Lower down the list are expenses like unpaid health costs (7%), owing money on holiday expenses or vacation property (7%), and home renovations (6%).

“Through our national survey, we took a moment to check-in with Canadians and gauge how they are stacking up when it comes to their finances,” said Jacques Goulet, President, Sun Life Financial Canada. “From credit card debt to a mortgage, retirees are faced with a list of expenses in life after work.”

As for those who are still pushing toward their post-punch clock life, 24% of working Canadians say they’re pulling money out of their retirement funds to cover expenses, or to have money available to spend leisurely.

-Adam Grant

On a recent episode of “theZoomer,” host Libby Znaimer brought together financial specialists to discuss investment trends, taxes, retirement planning and how to protect your hard-earned money. You can watch this episode below.