Nearly Half (48%) of Canadians Aged 45 to 60 Don't Feel They're On the Right Financial Track for a
Satisfactory Retirement
The average age at which Canadians aged 45 to 60 believe they'll retire is at 61 years old. However, some 7% expect to be retired (or did retire) before the age of 50, and others likely feel like they'll never retire, saying they expect to retire at the age of 75 or older. One in ten (14%) indicate that they're already retired.
When they enter retirement, roughly half (49%) of those not yet retired expect to have debt, including a mortgage (19%), line of credit (19%), credit card debt (24%), or some other form of debt (7%). Nearly half (45%) of those who are already retired, report having debt when they entered retirement, including a mortgage (28%), line of credit (23%), credit card debt (16%) or some other form of debt (3%).
Most (61%) Canadians aged 45 to 60 intend on remaining in their home for as long as they can, while just one quarter (24%) will move out of their home and 15% don't live in their own home right now. Women (64%) are more likely than men (58%) to say they intend on staying in their home as long as they can, as are those aged 55 to 60 (71%) compared to those aged 50 to 54 (64%) or 45 to 49 (48%). Those who are already retired (78%) are significantly more likely than those who are not yet retired (58%) to say they intend on staying in their home for as long as possible. Regionally speaking, Atlantic Canadians (76%) are most likely to say so, followed by those living in Saskatchewan and Manitoba (73%), Ontario (62%), Alberta (61%), Quebec (56%) and British Columbia (50%).
Among those who intend to remain in their home for as long as possible, thinking about the possibility of leveraging their home equity to help finance their retirement, 5% definitely think they'll do this, while another 31% say they'll maybe take this step. Half (50%) say they won't, while two in ten (15%) are unfamiliar with this option. Interestingly, men (44%) are much more likely than women (28%) to consider this type of financing, and Quebecers (47%) are the most inclined to say they'll consider this as well.
These are some of the findings of an Ipsos Reid poll conducted between June 27 and July 4, 2011, on behalf of HomEquity. For this survey, a sample of 1,054 adults aged 45 to 60 from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics and political composition 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. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/-3.1 percentage points, 19 times out of 20, of what the results would have been had the entire population of adults aged 45 to 60 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
Associate 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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