Seven-in-Ten (67%) Canadians Approaching Retirement Are Unsure About Their Retirement Future

Toronto, ONTARIO (Monday, January 27th, 2003) - Seven out of ten (67%) Canadians approaching retirement feel that their retirement plans have been impacted by the market and, among this group, 60% state that their plans to retire have been set back by up to five years or more.

These are some of the findings from the 12th Annual RBC RRSP poll conducted by Ipsos-Reid. This year's survey also found that 59% of those aged 45 and up, who are not yet retired, are feeling far or somewhat behind in meeting their retirement goals and surprisingly, 56% have not determined the amount they will need to save to ensure they have a comfortable retirement. In fact, even among those with RRSPs, 39% have less than $50,000 saved in their RRSP.

These are the some of the findings of an RBC/Ipsos-Reid poll conducted by telephone between November 7th and November 24, 2002. The poll is based on a randomly selected sample of 1,200 Canadians 18 years of age or older. With a sample of this size, the results are considered accurate to within 177 2.8 percentage points, 19 times out of 20. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were statistically weighted to ensure the sample's regional and age/sex composition reflects that of the actual Canadian population according to 2001 Census data.

Is your nest egg ready to hatch?

In other findings, according to the Ipsos-Reid/RBC poll, retirees are also feeling the pinch. Eighty-one per cent of this group have been adversely affected by the markets, to the extent that 74% have made changes and cutbacks to their retirement lifestyle, with another 7% having gone back to work.

Shifted expectations

Canadians have shifted in their expectations as to how they will derive income during their retirement. Only 20% of Canadians 45+ approaching retirement believe their retirement will be funded by income from their own investments. Surprisingly, 55% feel that pension income from an employer or government will be the primary source of income for their retirement.

To view the factum and tables, please open the attached PDF files.

-30-

For more information on this survey, please contact:
Harriet Shenken
Vice-President
Ipsos-Reid
(416) 324-2900