Six in Ten (62%) Boomers Say Debt Repayment a Top Priority, Double the Percentage from Six Months Ago

Toronto, ON - According to an Ipsos Reid poll conducted on behalf of RBC, six in ten (62%) Canadian boomers between the ages of 50 and 69 say that `regular payments to reduce or eliminate debt' is a top (ranked 1-3 out of 10 items) priority. Further, a similar (61%) proportion of boomers say that `retirement savings' is a top priority, placing it well ahead of other possible priorities including `saving for a rainy day' (48%), `keeping their head above water' (35%), and `home renovations' (29%).

Other possible priorities that few ranked among their top focus include `building an investment portfolio' (19%), `saving for a large self-rewarding purchase' (18%), `home ownership' (16%), `saving for children or grandchildren's education' (6%), and `supporting aging parents' (6%).

Thinking about the current economy and their own future, one half (50%) of boomers say their view of retirement has not changed as a result. But others are reflecting on new realities: one quarter (26%) thinks they may have to work longer than they expected, while one in five (20%) suggests they may not be able to live the lifestyle they thought they would. Others think they need to do more planning (14%), and 6% say they haven't really thought about their retirement. Fewer than one in ten (8%) says retirement isn't an option.

Many boomers are turning to a wide variety of sources for information, chief among them being professional financial advisors (50%), followed by newspapers, magazines or televisions (39%). Other sources include newsletters from financial institutions (23%), or newsletters from advisors (18%), family and friends (19%), a spouse or partner (17%), websites or blogs (15%), or information `anywhere from anyone' (23%).

The RBC Retirement Study was conducted by Ipsos Reid from April 9 to 14, 2009. This online survey of 1,028 Canadians, including 518 boomers between the ages of 50-69, was conducted via the Ipsos I-Say Online Panel, Ipsos Reid's national online panel. The results of this poll are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. Statistical margins of error are not applicable to online polls, however, an unweighted probability sample of this size, with a 100 per cent response rate, would have an estimated margin of error of 177 3.05 percentage points, 19 times out of 20, had the entire adult population of Canada been polled. The estimated margin of error for the boomer sub-sample would be 177 4.3 percentage points, 19 times out of 20.

For more information on this news release, please contact:
Sean Simpson
Research Manager
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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