One Half (50%) of Boomers Have Not Changed Their View Of Retirement, Despite Current Economic Turmoil
Toronto, ON – According to an Ipsos Reid poll conducted on behalf of RBC, six in ten (62%) Canadian boomers between the ages of 50 and 69 say that ‘regular payments to reduce or eliminate debt’ is a top (ranked 1-3 out of 10 items) priority. Further, a similar (61%) proportion of boomers say that ‘retirement savings’ is a top priority, placing it well ahead of other possible priorities including ‘saving for a rainy day’ (48%), ‘keeping their head above water’ (35%), and ‘home renovations’ (29%).
Other possible priorities that few ranked among their top focus include ‘building an investment portfolio’ (19%), ‘saving for a large self-rewarding purchase’ (18%), ‘home ownership’ (16%), ‘saving for children or grandchildren’s education’ (6%), and ‘supporting aging parents’ (6%).
Thinking about the current economy and their own future, one half (50%) of boomers say their view of retirement has not changed as a result. But others are reflecting on new realities: one quarter (26%) thinks they may have to work longer than they expected, while one in five (20%) suggests they may not be able to live the lifestyle they thought they would. Others think they need to do more planning (14%), and 6% say they haven’t really thought about their retirement. Fewer than one in ten (8%) says retirement isn’t an option.
Many boomers are turning to a wide variety of sources for information, chief among them being professional financial advisors (50%), followed by newspapers, magazines or televisions (39%). Other sources include newsletters from financial institutions (23%), or newsletters from advisors (18%), family and friends (19%), a spouse or partner (17%), websites or blogs (15%), or information ‘anywhere from anyone’ (23%).
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