A recent study is showing that Canadians are taking more out of their retirement savings to pay for short-term expenses despite the tax consequences.

Aaron Ruston, financial expert at Purpose financial, said there could be one reason for this.

"I don't know if you've ever heard of the 'Sandwich Generation' that we're coming into, are not only taking care of possibly their parents, but they're also having their kids come back home. Maybe they can't afford to buy a home, or they can't cover their cost because of big student loans. So mom and dad are sometimes getting saddled with that as well, so that creates the need to possibly draw money out."

Ruston goes on to say that if this continues, it could mean bad news.

"If they continue to accelerate the way that they are, I know that there have been studies taken that over the next 20-25 years, those 60 and over, a very high percentage of people won't have enough money to fund their retirement."

"You need a plan, you need to protect your assets, protect what you have, but you also deserve good growth. Such a plan will allow you to get to a place where it will minimize and possibly completely remove your need to draw down on retirement before it's needed."

During the survey, people said they took money out of their RRSPs to pay for living expenses, emergencies, or debt.