Working Canadians More than Twice as Likely as Current Retirees to Believe They Will Outlive Their Savings
Toronto, ON - A new survey conducted by Ipsos Reid on behalf of Sun Life Financial reveals that more working Canadians than current retirees believe that they risk running out of money in retirement.
More than a third (36%) of current Canadian workers think there is a serious risk that they will outlive their retirement savings, compared to just one in seven (14%) Canadians already in retirement.
For the first time in seven years since Sun Life has surveyed retirement expectations of Canadians, the proportion of Canadians who expect to be working full time past age 65 has now surpassed those who believe that they will be fully retired. Overall, six in ten (60%) working Canadians indicate that they expect to work either full time (32%) or part time (27%) when they pass the usual retirement age of 65, which has grown over the past seven years. This compares to the fewer than three in ten (27%) workers who expect to be fully retired when the time comes for them to leave the work force.
When asked what the top reason was why they expect to be working at age 66, some of the most mentioned reasons among those feeling like they will need to work when they retire include:
- Earning enough money to pay basic living expenses (21%)
- A disbelief that government pensions will be enough to live on (18%)
- Earning enough money to live well (16%)
These are some of the findings of an Ipsos Reid poll conducted between December 5th to 22nd, 2014 on behalf of Sun Life Financial. For this survey, a sample of n=3,000 working Canadians ages 30-65 was interviewed online. An incremental sample boost of n=400 retired Canadians was also surveyed. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/ - 2 percentage points, 19 times out of 20, had all working Canadian adults been surveyed, and within +/- 5.6 percentage points had the entire population of retired Canadians been surveyed. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
For more information on this news release, please contact:
Sean Simpson
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. Ipsos ranks third in the global research industry.
With offices in 87 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 e1,712,4 million (2 274 M$) in 2013.
Visit www.ipsos.com to learn more about Ipsos' offerings and capabilities.
