Majority (72%) of Younger Canadians Say They Owe Parents a Comfortable Retirement, Parents Say "No Thanks"

Toronto, ON - While a majority (72%) of younger Canadians, ages 18-34, say they owe it to their parents to keep them comfortable in retirement, a larger majority (76%) of their parents' Boomer generation (ages 50-69) doesn't want this "IOU", according to the 2015 RBC Financial Independence in Retirement Poll conducted by Ipsos Reid.

Part of the reason for this older generation's view may be due to their belief that, by comparison, their children's generation faces more financial pressures (61%) and is less prepared for retirement (59%). This, despite the fact that two in five (37%) Boomers who have determined how much they need to retire comfortably estimate they are presently somewhat short of - or even nowhere close to - where they thought they would be financially in terms of their retirement savings.

This year's data also found contrasting opinions between younger and older Canadians around the importance of RRSPs. For younger Canadians, RRSP ownership has dropped to just over a third (36%), which is the lowest level in more than a decade and well below the two-thirds (67%) of those ages 50-69 who own RRSPs.

Other generational differences around retirement savings identified in this year's poll:

• Younger Canadians (48%) are more likely to say that having enough savings is one of their top concerns in retirement, compared to Boomers (38%).
• Younger Canadians are more worried about balancing immediate savings with long term/retirement savings than Boomers (80% vs. 70% respectively).
• Younger Canadians with unused RRSP contribution room are more worried about the impact this may have on their retirement (39%) compared to Boomers with unused RRSP contribution room (22%).
• More Boomers (38%) are making one-time contributions to their RRSPs, compared to younger Canadians (18%); younger Canadians are using regular contribution plans more than Boomers (42% vs. 23% respectively).

These are some of the findings of an Ipsos Reid poll conducted on behalf of RBC Financial Planning from November 3rd to 17th, 2014. For this survey, a sample of 3,205 Canadians ages 18+ from Ipsos' Canadian online panel was interviewed online. Quota sampling and weighting are 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 percentage points had all Canadian adults been polled. 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.

To learn more, please visit www.ipsos.ca.

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. Ipsos ranks third in the global research industry.

With offices in 86 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 e1,712,4 million (2 274 M$) in 2013.

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