Seventy Percent Of Boomers Not Sure They'll Be Ready For Retirement, But Most Will Try To Do What It Takes To Get There

Toronto, ON - According to a survey conducted for BMO Financial Group by Ipsos Reid, 70 per cent of boomers don't feel they are on track with saving for their retirement or don't know if they're on track, but they are willing to do what it takes to get there.

The survey of 1,066 Canadians aged 45 - 60 revealed that 7 in 10 respondents would give something up if they couldn't save enough, and the majority of this group (83 per cent) would also plan to work longer if they had to. Thirty-nine per cent of boomers would consider moving when they retire because of the cost of living in the area where they currently reside.

Eighty-one per cent of boomers agreed that they wished they had started earlier, even in their teens, to save for retirement and 91 per cent agreed that having enough money for retirement requires a lot of planning and advice to reach your goals.

Boomers not sure they'll be ready for retirement

• 46% of boomers do not feel they are on track with saving enough to fund their retirement
• 24% of boomers don't know if they are on track

More boomers in Atlantic Canada (56%) don't feel on track, while more boomers in Saskatoon and Manitoba (34%) and in Quebec (33%) feel on track.

Top five reasons:

• No money left over to save (58%)
• Started saving too late (44%)
• Still supporting kids (28%)
• Health issues (22%)
• Job issues (20%)

If they're not able to save enough to fund their retirement, 69% would be willing to give something up; of this group, 58% said they would give up a second property, 51% would give up travel, 46% said they would refinance or downsize their house and 25% said they would give up a car.

• 31% said they would give nothing up and work longer
• Quebecers (21%) are most likely to plan to retire anyway (even if they don't have enough money to retire) and simply give something up in retirement.

Those who currently live in Alberta (69%), B.C. (52%) and Ontario (42%) are most likely to consider moving to another area, compared to Saskatchewan/Manitoba (19%), Atlantic (24%) and Quebec (26%).

The survey results were collected through Ipsos Reid's online omnibus. The survey was completed between October 19-22nd, 2006. Survey was fielded among 1,000 respondents from a random sample of Canadians plus 600 booster sample of respondents aged 45-60 participated in the survey; overall, 1066 respondents aged 45-60, accurate to within 3.1 percentage points of what it would be had this entire population been surveyed.

For more information on this news release, please contact:
Ray Kong
Ipsos Reid
(416) 324-2106
[email protected]

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 300 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.

Ipsos
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.

Member companies 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. They measure public opinion around the globe.

Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2005, Ipsos generated global revenues of e717.8 million ($853.8 million U.S.).

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