Physical Health (70%) Tops Finances (57%) as an Expected Challenge for Canadian Boomers Nearing Retirement
Seven in ten (70%) younger boomers, ages 50-59, approaching retirement rank `changes to their physical health' as a top challenge among a list of different options from which they were asked to pick their top three choices. Among these rankings, men (73%) are more concerned about changes to their health compared to women (66%).
A majority (57%) place `change in income' in second and nearly half (46%) cite `changes in spouse/partner's health' as a top challenge, rounding out the top three. The table below outlines in full the top challenges facing Canada younger boomer generation as they head into retirement:
Expectations Don't Match Reality...
Interestingly, while six in ten (60%) younger boomers indicate that they think their lifestyle or independence will change due to health or disability constraints by a certain age, four in ten (40%), `don't expect health or disability constraints to ever change their lifestyle or independence'. Conversely, while a sizeable portion of younger boomers don't foresee any health constraints changing their future, nearly three in ten (27%) report that a significant health issue or decline has affected them or someone in their family within the past year, compared to the seven in ten (73%) who say this has not affected them.
Caregiving and Its Effects...
Four in ten (42%) younger Boomers respond that being a caregiver to another adult was a support role they have already performed, were doing currently, or expect to do so in the future, while nearly half (45%) indicate they have not nor do they expect to perform such a role and one in ten (13%) don't know if they will have to.
While it's likely that many are happy to provide assistance when needed, caregivers report a diverse array of effects that they have already experienced or expect to experience when looking after another adult.
Notable findings reveal that half (50%) of younger boomers who have provided (or expect to provide) caregiving have seen or expect to see a significant increase in their stress levels, while one in four (24%) have experienced (or expect to experience) significant out of pocket costs. Two in ten have experienced or expect to experience moving or accommodation changes (18%) or a reduction in the number of paid hours worked (15%). The table below outlines in full the proportion of current or expected adult caregivers and the affects that these experiences have or are expected to have on them:
These are some of the findings of an Ipsos Reid poll conducted between February 27th to March 12th, 2013 on behalf of RBC. For this survey, a sample of 2,159 Canadians adults aged 50 and over with household assets of at least $100,000 from Ipsos' Canadian online panel was interviewed online. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 2.4 percentage points had all Canadians adults aged 50 and over with household assets of at least $100,000 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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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. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.
With offices in 85 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 e1,789 billion (2.300 billion USD) in 2012.
