Sun Life survey finds almost 90 per cent of retired Canadians positive
TORONTO, Feb. 17, 2016 /CNW/ - A new survey released today found that
Canadian retirees are living on 62 per cent of the income they had
before retiring, despite this prolonged period of slow economic growth
The Sun Life Financial Retirement Now Report also found that the
majority of retired Canadians (88 per cent) described life in
retirement as positive, with 32 per cent saying their biggest financial
surprise of retirement is how they were able to manage on a reduced
budget. Another 10 per cent said they are spending less than expected.
"This is the first time we've measured what percentage of pre-retirement
income retirees are living on," said Kevin Dougherty, President, Sun
Life Financial Canada. "Life in retirement is more sustainable than you
might think. Despite current economic conditions, Canadian retirees are
doing quite well living on just over 60% of the income they had when
they were working. And this average doesn't change much when comparing
men with women or taking marital status into account."
On average, retirees are spending $2,611 a month on expenses that
include food, housing, healthcare and taxes. This is 24 per cent less
than the $3,431 working Canadians spend each month on the same
When asked what advice they'd give working Canadians, their top three
Start saving and investing early (88 per cent);
Make taking care of your health a priority (88 per cent); and
Live within your means (85 per cent).
Today's retirees also have a good understanding of the value of
professional financial advice. Sixty-two per cent of retirees who work
with an advisor say they saved enough for their retirement compared to
only 38 per cent of retirees who don't work with an advisor.
Click to see the full breakdown of retirees' monthly expenditures compared to working Canadians.
For more key findings and results on the Sun Life Retirement Now Report, visit www.sunlife.ca/RetirementNow.
About the survey
Ipsos Reid conducted the survey on behalf of Sun Life Financial. The
online survey was conducted between December 15 and 23, 2015. A sample
of 4,010 Canadians was drawn from the Ipsos I-Say online panel: 2,004
working Canadians and 2,006 retired Canadians.
The data for Working Canadians were weighted to ensure the sample's
regional, age, and gender composition reflects that of the actual
Canadian population according to the 2011 Census data. The data for
Retired Canadians were weighted by region.
The precision of Ipsos online surveys is measured using a credibility
interval. In this case, the survey is accurate to within +/-2.19% at
95% confidence level had all Canadian adults been polled for both
Working Canadians and Retired Canadians. All sample surveys and polls
may be subject to other sources of error, including, but not limited to
methodological change, coverage error and measurement error.
About Sun Life Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
products and services to individuals and corporate customers. Sun Life
Financial has operations in a number of markets worldwide, including
Canada, the United States, the United Kingdom, Ireland, Hong Kong, the
Philippines, Japan, Indonesia, India, China, Australia, Singapore,
Vietnam, Malaysia and Bermuda. As of December 31, 2015, the Sun Life
Financial group of companies had total assets under management of $891
billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to Editors: All figures in Canadian dollars.
SOURCE Sun Life Financial Canada
For further information:
Sun Life Financial