Government Disservice: Most (79%) Older Canadians Think Government-Run Savings Plans, Such As RRSP, CPP & OAS, Don’t Adequately Prepare Them for Retirement
Toronto, Ontario, May 20, 2021 — A new Ipsos poll conducted on behalf of HomeEquity Bank reveals that most (79%) Canadians aged 55+ who have formed an opinion on the matter think government-run savings plans, such as RRSP, CPP & OAS, do not adequately prepare them for retirement. While government-run savings plans do not have to be the only source of retirement income, they are clearly not cutting it for many older Canadians.
Cashing in on home equity can be another source of income in retirement, but the survey offers evidence that many older Canadians (55+) are not ready (or do not think they will be ready) to sell their home and downsize in retirement. What’s more, three-quarters (76%) aged 55+ feel like older homeowners are sometimes pressured into selling their home. Yet, a full four in ten (40%) would rather stay in their home and would even go as far as to borrow against its equity instead of selling it and downsizing if they needed extra money during retirement.
Given the apparent dissatisfaction expressed by so many older Canadians (55+) with government-run retirement savings plans, it is not surprising that many are looking for other alternatives in retirement (or when planning for retirement). In fact, nearly half (45%) believe that accessing the equity in one’s home without selling (HELOCs and reverse mortgages) should be a key component of retirement planning. As many as three in ten (28%) would go one step further and consider a HELOC or reverse mortgage to help fund their retirement if they needed extra income.
About the Study
These are some of the findings of an Ipsos poll conducted between May 6th and 10th, 2020 on behalf of HomeEquity Bank. For this survey, a sample of 1,000 Canadians 55 years of age or older were interviewed. 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 ±3.5 percentage points, 19 times out of 20, had all Canadians aged 55+ 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.
All figures cited in this release are based on those who have formed an opinion on the matter and exclude ‘don’t know’ responses.
For more information on HomeEquity Bank, please visit: https://www.homeequitybank.ca/
For more information on this Factum, please contact:
Sean Simpson
Vice President, Ipsos Public Affairs
+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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