News Releases

Are Atlantic Canadians Relying on a False Sense of Retirement Security?

Interview Opportunity

WHAT:

Atlantic Canadians are a hopeful lot. According to a previous BMO Financial Group/Ipsos Reid retirement study, one in every four Atlantic Canadian boomers said that when it comes to retirement planning, they're “hoping for the best”*.

In fact, more than one-third said they do not have RSPs (39%) and almost half of those who do have them consider their RSPs to be their financial plan (49%). In addition, one-third of all boomers admit to not seeking financial advice.

Pre-retirees from the eastern provinces — much like their peers in central Canada — are more inclined to spend their time planning other activities. In fact, more than half (57%) of Atlantic boomers spend more time planning their home renovations (vs. 46% of Canadian boomers) than planning their retirement and fifty-two per cent prefer to plan their diet (vs. 47%).

WHO:

BMO Financial Group has local experts who can provide tips to help Atlantic Canadians build their retirement plans. They can discuss:

What it takes to build a retirement plan and tips for getting started
How to determine how much you'll need in retirement and what you'll need to do now to reach your goals
Retirement planning tips for Gen Y and Gen X – it's never too early to start saving for your future

*Based on an online survey conducted by Ipsos Reid for BMO Financial Group between November 30-December 3, 2006 among a randomly selected sample of 1,411 respondents aged 45-60. The survey included 103 respondents in Atlantic Canada. A survey of this size would be produce a margin of error of approximately 9.7%, 19 times out of 20.

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