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TORONTO, ONTARIO--(Marketwired - Oct. 21, 2015) - BMO Wealth Management today released a study on what retirement will look like for New Canadians, as well as how prepared they are financially for their golden years.

The study is the third in a series, Making the Financial Transition, which examines a variety of financial issues related to New Canadians (those who have moved to Canada fewer than 10 years ago).

The study revealed that two thirds of immigrants have retirement savings, with an average savings amount of $98,600 (compared with an average of $45,902 that Canadians overall have in RRSPs).

When asked about their general views on retirement, New Canadians:

• Plan to retire, on average, at age 63 and feel they need $660,000 to fund their ideal retirement lifestyle. Canadians as a whole feel they need an average of $442,328 for retirement.*
• Feel confident that they will be able to achieve their ideal retirement lifestyle (65 per cent).

"Given the challenges associated with starting a new life in a foreign country, it's encouraging to see New Canadians are confident in their ability to achieve their ideal retirement lifestyle," said Charyl Galpin, Head, BMO Nesbitt Burns, a part of BMO Wealth Management. "However, they still have a way to go before reaching their target. A financial professional can help them create a detailed financial plan that outlines how much and how often they contribute to their retirement savings based on their current financial situation and objectives. This will set them toward a long-lasting and secure financial life in Canada."

Ms. Galpin noted that BMO Nesbitt Burns has a network of 1,250 Investment Advisors at 50 branches across Canada, many of whom are multilingual and have the expertise to manage the most sophisticated wealth needs.

"Our advisors are dedicated to helping clients of every background grow, preserve and transition their wealth through life's key moments," added Ms. Galpin.

Kids as Additional Source of Support

When children of New Canadians were asked if their parents would require their help in retirement, the study found more than half (53 per cent) anticipate having to help their parents financially and/or have their parents live with them in old age.

However, more than half (58 per cent) of immigrant parents said that they do not expect their children to help them fund their retirement even if they need financial assistance, while only 31 per cent said they do.

"Providing additional support to parents in retirement can be a challenge financially," said Ms. Galpin. "For those who anticipate supporting their parents in retirement, setting aside additional savings can help ensure you have enough money to provide for your parents and still be able to achieve your personal financial goals."

Regional Breakdown:

Region	% with no retirement savings		Average $ amount believed needed for retirement		Average age of retirement		Average $ saved for retirement	% confident they will be able to afford their ideal retirement		% who anticipate having to support their parents in retirement (financially or otherwise)		% parents who expect their children to help them in their retirement
National	34		660,00		63		98,600	65		53		31
Quebec	48		484,600		64		64,100	66		61		35
Ontario	32		815,200		63		90,200	62		53		24
Alberta	40		752,000		61		361,100	58		52		26
B.C.	26		567,000		62		56,700	66		51		30

The survey was conducted by Pollara between February 4^th and February 19th, 2015 with an online sample of 507 people who have immigrated to Canada in the past 10 years. The margin of error for a probability sample of this size is ± 4.4%, 19 times out of 20.

* The survey was conducted by Pollara with an online sample of 1,303 Canadians, including 803 non-retirees aged 18-64 and 500 retirees of any age. The survey was conducted from November 12 to November 17, 2014. A probability sample of 1,303 would yield results accurate to ± 2.7 per cent, while a probability sample of 803 would yield results accurate to ± 3.5 per cent 19 times out of 20. Results have been weighted using the latest census data to be representative of Canadians as a whole.

For more information on BMO Nesbitt Burns, please visit: www.bmo.com/nesbittburns.

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About BMO Financial Group

Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of approximately $672 billion as of July 31, 2015, and more than 47,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.