Retiring Boomer Business Owners Set
Financial Example for Canadians, More Confident in Savings and Timing of Retirement

Toronto, ON - Boomers who are set to retire from running their own business within the next five years appear to do a better job than the average Canadian at running their own finances, apparently bringing some of that business sense into their own personal financial accounting, according to the 22nd annual RRSP poll conducted by Ipsos Reid on behalf of RBC.

A majority (54%) of retiring boomer business owners say that they regularly review, update and keep their financial plan in mind when they are about to make key financial decisions, compared to just four in ten (38%) Canadians, overall, who say the same thing. Perhaps as a result, two thirds (65%) of retiring boomer business owners are confident that their retirement savings are at or ahead of where they should be, compared to just half (51%) of Canadians, overall, who believe that they are at or ahead of where they should be at their stage in life.

The retiring boomer business owner and the average Canadian appear to be operating with a different frame of mind. For example, the priority focus for the retiring boomer business owner is saving for retirement; the average Canadian, on the other hand, is more focused on making payments to reduce debt.

Despite seemingly being worlds apart, there is some common ground between the retiring boomer business owner and the average Canadian: they both believe they'll need more money than before in order to live a comfortable lifestyle in retirement. Retiring boomer business owners think they'll need $1.1 million in savings, up 16% from last year. The average Canadian thinks they'll need $601K, an increase of 20% over last year's survey.

Returning to more differences, a majority (56%) of retiring boomer business owners say that working part-time in retirement would be appealing to ensure that they don't outlive their savings, while only four in ten (43%) Canadian, overall, feel this way. Furthermore, retiring boomer business owners are much more likely to think they'll be able to chose when they want to retire (74%) than the average Canadian (50%).

Interestingly, only half (50%) of Canadians have a financial plan. Among those with a plan, just half (47%) have it written down on paper, while others are keeping track of it in their head (27%), or are using a spreadsheet or electronic database (21%). Fewer than half (45%) of Canadians are using a financial advisor for help with their investment decisions.

This survey was conducted by Ipsos Reid between October 24 and November 15, 2011 via interviews of 4,135 Canadian adults, including a random sample of 1,224 adults in the general population (aged 18 and over) and 2,911 Boomers aged 50-69 with household financial assets of $100,000 or more, via the Ipsos I-Say Panel. The results are based on samples where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. A weighted probability sample of 1,224 Canadian respondents, with 100 per cent response rate, would have an estimated margin of error of 1773 per cent, 19 times out of 20. Data for Boomers are unweighted with a margin of error of 1772 per percentage points, 19 times out of 20.

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.

To learn more, please visit www.ipsos.ca.

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 84 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 e1,363 billion (1.897 billion USD) in 2011.

Visit www.ipsos-na.com to learn more about Ipsos' offerings and capabilities.