Half (50%) of Canadians Not Confident They'll Have Enough Money to Retire Comfortably
Canadians are dead split on their degree of confidence that they'll have enough saved to live comfortably in retirement. Half (50%) `agree' (13% strongly/36% somewhat) that they will, while half (50%) `disagree' (22% strongly/28% somewhat), led by Quebecers (56%). Naturally, household income has a big role to play in this with most (71%) high income earners (over $100K in household income) agreeing, compared to just 36% of those with a household income of less than $40K a year agreeing that they're confident they'll have a financially comfortable retirement. Middle-aged Canadians (44%) are less confident than younger (51%) and older (58%) Canadians to think so.
This lack of comfort even has many worrying about their financial situation in retirement. Four in ten (40%) are stressed about saving for retirement (17% a lot/22% some), while six in ten (60%) are not stressed (33% no stress at all/27% a little stress) about this particular topic. BC residents (45%) lead in having this stress, ahead of those in Ontario (42%), the Prairies (39%), Quebec (37%), Alberta (36%), and Atlantic Canada (35%). Women (44%) are significantly more likely than men (35%) to stress about saving for retirement, while middle-aged Canadians (48%) stress more about this than younger (42%) and senior (30%) Canadians.
Half (48%) of Canadians say they're currently saving for their retirement. Those aged 35 to 54 (56%) are most likely, followed by those aged 55+ (48%), many of whom would already be retired. However, only 37% of those under the age of 35 are currently saving for their retirement. Men (52%) are more likely than women (44%) to be saving. Regionally, Quebecers (39%) and British Columbians (44%) are by far the least likely to be saving, while those in Ontario (50%), Atlantic Canada (53%), Alberta (55%) and Saskatchewan and Manitoba (57%) are most likely.
Many Canadians have even had to find new sources of cash when in a pinch. Fifteen percent (15%) have cashed out an RRSP early because they needed the money (aside from in retirement or for a first-time home purchase). Those ages 35 and older (18% 55+, 17% 35-54) are more likely than younger Canadians (9%) to have done this while, regionally, those in Alberta (23%) and British Columbia (21%) have done this most often, ahead of those from Atlantic Canada (18%), Quebec (13%), Ontario (12%), and the Prairies (11%).
These are some of the findings of an Ipsos Reid poll conducted between January 29 to Feb 3, 2015, on behalf of Global News. For this survey, a sample of 1,003 adults was interviewed via the Ipsos I-Say online panel. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/ - 3.5 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
For more information on this news release, please contact:
Sean Simpson
Vice President
Ipsos Reid
Public Affairs
(416) 572-4474
[email protected]
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