Increasing Retirement Savings (52%, Up 8 Points From 2012) Tops List of Financial Priorities, Slightly Edging Debt Reduction (48%, Down 6 Points)
Over half (52%) of Canadians now identify retirement saving as one of their top three financial priorities, showing an increase of 8 points from the 44% of Canadians who identified this as a top three financial priority in 2012.
Last year's most mentioned financial priority, making regular payments to reduce or eliminate date, falls to second place as just under half (48%) cite debt reduction as one of their top three financial priorities, down 6 points from 54% last year.
This priority shift is even more pronounced among middle-aged (aged 35-54) Canadians with almost two-thirds (62%, up 10 points from last year) focusing on saving for retirement compared to reducing or eliminating debt (52%, down 4 points). The following table outlines in full (overall and among the middle-aged cohort) the top financial priorities for Canadians in late 2013:
Following this trend of increased retirement savings, the data also reveal that RRSP (Registered Retirement Savings Plan) ownership has jumped to nearly seven in ten (68%) middle-aged Canadians, up 10 points from last year. The year-over-year comparison of RRSP ownership among all Canadians, and specifically among those aged 35-54, can be seen below:
Among the quarter (26%) of middle-aged Canadians who have determined the amount of money they'll need to accumulate in savings or investments for retirement, they believe they'll need to save, on average, approximately $545,000 for a comfortable retirement. The year-over-year comparison of comfortable retirement savings amounts among several key demographics can be seen below:
These are some of the findings of poll conducted between November 6th to 20th on behalf of RBC. For this survey, a sample of 2,062 Canadian adults over the age of 18 was interviewed via Ipsos' Canadian 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 +/- 2.5 percentage points had Canadian adults in the general population been surveyed. 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]
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
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About Ipsos
Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.
With offices in 85 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.
Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.
Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,789 billion (2.300 billion USD) in 2012.
