Millennials and Boomers Shy Away from Retirement Investments
Toronto, ON, November 21, 2023 – In a survey conducted by Ipsos for Sun Life on the transfer of wealth from Boomers to Millennials, less than half (46%) of Boomers (aged 58-77) reveal they do not intend to own a guaranteed income retirement product. Furthermore, just over four-in three (43%) of Millennials (aged 27-42) express interest in gaining knowledge about these products.
The survey also shows that only a quarter of Boomer men (24%) own at least one guaranteed income retirement product, which is significantly more than Boomer women (12%). Meanwhile, almost half of Boomer women (49%) say they have no intention to own a guaranteed income retirement product, and a quarter (25%) are not familiar with what these products are, which is significantly larger proportion than Boomer men (18%).
About the Study
These are some of the findings of an Ipsos poll conducted between August 30 and September 1, 2023, on behalf of Sun Life. For this survey, a sample of 750 Millennials (aged 27-42) and 750 Boomers (aged 58-77) in Canada was collected. Quotas and weighting were employed to ensure that the sample’s composition reflects that of their respective Canadian populations according to census parameters. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ± 4.1 percentage points, 19 times out of 20, had all Canadian Millennials or Boomers 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
Senior Vice President, Ipsos Public Affairs Canada
+1 416 324 2002
[email protected]
About Ipsos
Ipsos is the world’s third largest market research company, present in 90 markets and employing more than 18,000 people.
Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions.
Founded in France in 1975, Ipsos is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).
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