Almost half of Canadians over the age of 40 plan to postpone retirement because of the global economic downturn, a new survey shows.

About 42 per cent said they would delay retirement by an average 5.9 years due to financial turmoil, according to a Desjardins Financial Security’s survey. More women than men said they would postpone.

Anecdotal evidence has suggested people plan to stay on the job longer, but this is the first survey that shows how profoundly falling stock markets and job insecurity are influencing people approaching retirement age.

“The recent market instability may be the wake-up call that Canadians needed to step up their retirement strategy,” said Michael Aziz, Desjardins’s vice-president of sales and business development.

The survey, conducted in October, marks a shift from Desjardins’ previous poll taken in the summer, which showed most Canadians still felt confident about their financial security and retirement plans.

Half of women now plan to postpone retirement, while 36 per cent of men plan to stay on the job.

The survey comes as many Canadians have watched their savings evaporate in recent months. The country’s benchmark stock index has fallen about 41 per cent this year, including more than 700 points Thursday as commodity prices weakened.

Mandatory retirement rules, meantime, have been lifted in many provinces, allowing people to keep working past the age of 65.

Today’s findings echo a growing trend south of the border. Almost two thirds of Americans over the age of 45 plan to delay retirement if the economic situation doesn’t improve significantly, according to a survey in October by AARP, a U.S. organization focused on people who are 50 or over.

Since then, job and stock market losses have worsened.