Most (75%) Canadians Think a Retirement of Their Dreams is Out of Reach
Toronto, ON - Nearly all Canadians (90%) believe they'll have enough income in retirement to cover their necessities, but just one quarter (25%) of Canadians believe they'll have enough money to fulfill their dreams, according to the 20th annual Ipsos Reid RBC RRSP poll.
The poll also found that three quarters (75%) of retired Canadians don't know how much money they spent during their first year of retirement, virtually unchanged since 2008 (76%). But those who do know how much they spent reportedly spent less this year ($35,000), on average, than last year ($51,000). Still, a majority of these individuals who know how much they spent say it was more than expected (52%), an increase of six points over last year's findings.
When thinking about retirement, aggregating their top-three responses, the data revealed that Canadians who have not retired are most worried about having enough savings (48%), but only 29% of retired Canadians are worried about having enough savings. Second on the list is maintaining their standard of living, as both groups are equally as worried about maintaining their standard of living (40%). In third place, overall, is the cost of healthcare (29%) with retirees being more likely (33%) than those still working (28%) to be worried about this aspect of their retirement.
These are some of the findings of an Ipsos Reid poll conducted between October 21 and November 2, 2009, on behalf of RBC. For this survey, a national sample of 1,457 adults from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics and 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. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/-2.6 percentage points 19 times out of 20 of what the results would have been had the entire population of adults in Canada 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
Research Manager
Ipsos 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 a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.
Member companies 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. They measure public opinion around the globe. Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2008, Ipsos generated global revenues of e979.3 million.
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