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RBC Canadian Consumer Confidence Index Dips as More Consumers Put Major Purchases on Hold, Job Anxiety Rises
While Underlying Fundamentals of Financial Comfort Slowly Improve, Canadians Perceive Weakness in Economy as Overall Assessment Drops to 48% (down 3 points)
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Majority (63%) of Working Boomers Would Rather Ease into Retirement or Continue Working than Observe Hard Stop at Age 65
Lack of Conversation Between Employees and Employers Leaves Employers in the Dark about Boomers' Intentions
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Most (75%) Canadians Think a Retirement of Their Dreams is Out of Reach
While Most (90%) Think They'll Have Enough Income in Retirement to Cover Their Necessities, Just 25% Say Their Income Will be Enough to Fulfill Their Dreams
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Playing Boomer Musical Chairs in the Workplace
Boomer Workers and Employers "Not Talking" About Retirement Plans and Missing Expectations
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Fewer Canadians Planning and Saving for Retirement
Only One in Three (35%) Intend to Contribute to RRSPs This Year
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Many Canadians Struggling to Put Their Money Where Their Mouth Is
While Canadians Have No Trouble Outlining Their Financial Priorities, Many are Not Following Through on Their Goals
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Most (71%) Canadians Aware of Tax-Free Savings Accounts, One Quarter (24%) Have Opened an Account
Primary Reason Among those Without a TFSA For Not Having One is That They Have No Money to Invest
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Communication Breakdown
Baby boomers and their parents out of step when it comes to the care parents require
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Boomers Willing to Give More Than Aging Parents Expect
From Financial Support to Coordinating in-home Care,
Older Canadians Underestimate the Extent to Which Their Adult Children are Prepared To Help Them -
Six in Ten (62%) Boomers Say Debt Repayment a Top Priority, Double the Percentage from Six Months Ago
One Half (50%) of Boomers Have Not Changed Their View Of Retirement, Despite Current Economic Turmoil