Many Canadians Believe Saving For Children’s Education (48%) and Caring for Aging Parents (36%) Will Hinder Ability to Save For Retirement
More Canadians Expect Pension Income From Employer in Retirement (24%) Than Actually Have a Defined Benefit (18%) or Contribution (19%) Pension Plan
Wednesday, January 23, 2013
Toronto, ON – Looking ahead to retirement, many Canadians (aged 18-54) believe that generational obstacles will have adverse effects on their ability to save for retirement, according to a new Ipsos Reid survey on behalf of RBC. Half (48%) of Canadians ‘agree’ (13% strongly/36% somewhat) that ‘saving for my children’s education has impacted/will impact my ability to save for retirement’, while half (52%) ‘disagree’ (26% strongly/25% somewhat). Comparatively, two in five (36%) ‘agree’ (6% strongly/30% somewhat) that ‘I am concerned that caring for my aging parents has impacted/will impact my ability to save for retirement’ against a majority (64%) who ‘disagree’ (29% strongly/36% somewhat). The following table outlines a list of statements regarding attitudes Canadians have towards retirement and how much they ‘agree’ or ‘disagree’ with these statements:
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Provided a list of potential influences on their perceptions of retirement and asked to select their top three influences, the majority of Canadians look to their parents for guidance. Most Canadians ,aged 18-54, cite ‘their parent’s retirement experience’ (57%) in their top three potential influences on their perceptions of retirement, followed closely by ‘their spouse’ (54%), and ‘friends’ (39%). The following table outlines all the response options provided as potential influences on retirement perceptions and how many Canadians placed each item among their top three influences on this topic:
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Benefit Pension Plans: Relying Too Much on Something You Might Not Have
Interestingly, when it comes to identifying their primary sources of income in retirement, Canadians, aged 18-54, select ‘pension income from an employer’ (26%) ahead of government pension income (21%), income from investments (21%) and other options available. Comparatively, fewer actually have a defined benefit or contribution pension plan. Only one in five (18%) Canadians, aged 18-54, has a defined benefit pension plan, while a similar proportion (19%) has a defined contribution pension plan. One in ten has a pension but doesn’t know what kind it is (14%) or doesn’t know if their work offers a pension (9%). Four in ten (39%) Canadians, aged 18-54, have no pension at all.
These are some of the findings of an Ipsos Reid poll conducted between October 24th and November 27th, 2012, on behalf of RBC. For this survey, a sample of 1,225 Canadians adults from Ipsos' Canadian online panel was interviewed online. 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 +/- 3.2 percentage points had all Canadians adults been polled. 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:
Associate Vice President
Ipsos Reid Public Affairs
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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