Less than half of Canadians are confident about their retirement
TORONTO, March 16, 2022 /CNW/ – Two years after the global pandemic began disrupting Canadians’ lives, including their finances, a new CIBC study finds that a majority of Canadians (75 percent) are making their financial well-being a priority in 2022, However, 82 percent of those Canadians did not have a retirement planning conversation with a professional this year, including just 5 percent who expect to have such a conversation this year, which would jeopardize their long-term plans.
“After a challenging few years with the pandemic, it’s great to see Canadians focused on their financial well-being, but there is value in long-term planning and professional advice that many Canadians miss. Financial advisors can help Canadians prioritize their goals and achieve their future ambitions, no matter the time horizon,” said Carissa LucrezianoVice President, CIBC Financial and Investment Advisory.
Doubts about pensions more widespread among women
The survey also found that the vast majority of non-retirees (88 percent) do not have a formal or detailed retirement plan, and less than half (43 percent) of Canadians are confident they are saving enough for their future retirement, according to women (38 percent). more than men (29 percent) say they do not have an investment portfolio.
More than a third (35 percent) of women don’t know how much savings they’ll need for retirement, and 32 percent don’t know what age they will be when they’ll finally be giving up their jobs. These numbers are lower for men, with 21 percent responding that they don’t know how much savings they will need and 23 percent don’t know when they will retire.
“Nobody wants to be a financial burden on their loved ones in their retirement years, but many are unsure about saving enough to retire how and when they want. This tells us that many Canadians, especially women, can benefit from speaking to a financial advisor,” added Ms. Lucreziano.
Upcoming Virtual Event
To help Canadians gain confidence in their finances and broader life goals, CIBC is hosting a free webinar (in English and French). March 30th. The event will feature leading experts on evolving trends affecting women today, advice on managing your career, steps to increase your savings and investments, and goal setting tips to help transform your mind, body and life change, report.
For registration Empowering women in our new normalvisit the website here: https://www.cibc.com/en/special-offers/national-client-events.html
Key findings from the CIBC survey
55 percent of Canadians believe their overall well-being is directly related to their finances, and 75 percent say their financial well-being is a priority
Just 5 percent of Canadians expect to have a retirement conversation with an employee or financial advisor at their bank in 2022, having not had one in 2021
COVID-19 has had little impact on investment approaches as most investors (79 percent believe their strategy has remained the same since the pandemic began
Behavioral changes are more common among young people, with 30 percent of 18-34 year olds saying their investment approach has changed (vs. 14 percent in older cohorts).
The vast majority of non-retirees (88 percent) do not have a formal and detailed plan for retirement
Only half (52%) of Canadians say they are confident in their retirement plan, and less than half (43%) are confident they are saving enough to retire how and when they want
83 percent of Canadians said they didn’t want to be a burden to their loved ones in their retirement years
CIBC is a leading North American financial institution serving 11 million individual, corporate, public sector and institutional customers. CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada in Personal Banking, Small Business Banking, Commercial Banking and Wealth Management and Capital Markets The United States and around the world. For ongoing press releases and more information about CIBC, please visit https://www.cibc.com/en/about-cibc/media-centre.html.
These are some of the findings released by Maru Public Opinion from an overnight survey January 24, 2022, from the experts in sample and data management at Maru/Blue. The survey was conducted among 1,519 randomly selected Canadian adults Maru Voice Canada online panelists. For purposes of comparison, a probability sample of this size has an estimated margin of error (which measures sample variability) of +/- 2.5%, 19 times out of 20. Results were broken down by education, age, gender, and region (and in Quebec, language) according to census data. This is to ensure that the sample is representative of Canada’s entire adult population. Discrepancies in or between totals are due to rounding.
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