Most Atlantic Canadians believe they will need to save less than one
million dollars for retirement
TORONTO, Jan. 4 /CNW/ - Of those Atlantic Canadians who plan to retire,
three-in-five (60 per cent) plan to work during retirement according to
a recent Scotiabank study conducted by Harris/Decima assessing
Canadians' attitudes toward retirement and investing. The primary
reasons Atlantic Canadians plan to work in retirement are a desire to
remain mentally and socially active (63 and 50 per cent, respectively).
An additional 41 per cent expect to work after they retire out of
"It's interesting to see that so many Atlantic Canadians plan to work
during their retirement years, but it's great to see that they will do
so to remain mentally and socially active," said Helen Quinlan-Hainse,
District Vice-President, Newfoundland & Labrador, Scotiabank. "For the
number of people in Atlantic Canada who think they will not be
financially prepared to retire, at Scotiabank we understand that
planning for these years can be overwhelming for some and we want to
help all Canadians invest for their future so they can enjoy their
The study found that Atlantic Canadians are significantly more likely
than the rest of Canadians to think they will need less than one
million dollars to fund their retirement (78 per cent vs. 55 per cent),
with 40 per cent thinking they will need less than $300,000. Nineteen
per cent of Atlantic Canadians think they will need between one and two
million dollars and four per cent, significantly less than the rest of
Canada at 17 per cent, believe they will need two million dollars or
more to fund their ideal retirement.
"The cost of living plays a large role in determining how much you will
need for retirement, so it is not surprising to see that Atlantic
Canadians feel they will need to save less than other parts of the
country," said Ms. Quinlan-Hainse. "While there's no magic number that
Canadians should be aiming for when saving for retirement, it's
important that Canadians are realistic about how they plan to spend
their retirement and how much it will cost."
When it comes to how they plan to spend their retirement, the majority
of Atlantic Canadians plan to travel (83 per cent), spend time with
family and friends (78 per cent), read (56 per cent) and exercise (51
per cent). Other retirement plans include taking up a hobby (32 per
cent) and going back to school (15 per cent).
More than half of Atlantic Canadians (59 per cent) who plan to retire
report saving less than $20,000 over the past five years, while only 10
per cent of Atlantic Canadians have saved $60,000 or more.
"We all know that it's important to invest for our future, but with so
many demands on our time and money it can be easy to put off saving for
a goal that often seems far away," commented Ms. Quinlan-Hainse. "At
Scotiabank, we work with our customers to help make their long-term
goals more tangible so they can take action and let the saving begin."
For more information about investing for your future, visit www.letthesavingbegin.com.
Let the Saving Begin is a Scotiabank program designed to inspire and
empower Canadians to get on track with their saving, investing and
Built on three simple principles, Let the Saving Begin encourages
Save automatically, because it works;
Invest for your future, because no one else will; and
Borrow to get ahead, not fall behind.
About the survey
A total of 104 completed surveys were collected from a random sample of
Harris/Decima's panel members in Atlantic Canada, of which 73 expect to
retire. The study was conducted from October 14th, 2010 to October
This was a standard panel survey among a random sample of
Harris/Decima's Canadian panel members. In a fashion similar to a
telephone study, email addresses from their panel were pulled at
random, according to population and gender specifications, in order to
make the study representative of the Canadian population by region and
gender. When contacted to solicit participation, participants had no
prior knowledge of the subject matter of the study. Harris/Decima
controls access to the study through passwords to ensure that
respondents can participate only once. Subsequent to completion of the
study, the data was weighted by region, age, and gender.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 70,000 employees,
Scotiabank Group and its affiliates serve some 18.6 million customers
in more than 50 countries around the world. Scotiabank offers a broad
range of products and services including personal, commercial,
corporate and investment banking. With assets above $526 billion (as at
October 31, 2010), Scotiabank trades on the Toronto (BNS) and New York
Exchanges (BNS). For more information please visit www.scotiabank.com.
For further information:
Robyn Harper, Scotiabank Media Communications, 416-933-1093, email@example.com.