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



    TORONTO, Feb. 5 /CNW/ -

    

                            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.
    





For further information:

For further information: or to arrange an interview, contact: Lucie
Gosselin, Montreal, lucie.gosselin@bmo.com, (514) 877-1101; JoAnne Hayes,
Toronto, joanne.hayes@bmo.com, (416) 867-3996, Internet:
www.bmo.com/retirementyourway


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