People in the Prairies least likely to work after they retire out of
Majority of Manitoba and Saskatchewan residents believe they will need
to save less than a million dollars for retirement, only 36 per cent of
TORONTO, Jan. 4 /CNW/ - Of those Prairie residents who plan to retire,
three-quarters (77 per cent) plan to work during retirement, primarily
to remain mentally (79 per cent) and socially (64 per cent) active,
according to a recent Scotiabank study conducted by Harris/Decima
assessing Canadians' attitudes toward retirement and investing.
Canadians living in the Prairies are less likely than those in the rest
of the country to expect to work after they officially retire out of
financial necessity (30 per cent vs. 40 per cent).
"It's great to see that so many Prairie residents are making the
decision to stay mentally and socially active in their retirement,"
said George Marlatte, Senior Vice President, Prairie Region,
Scotiabank. "It's also encouraging to see that people in the Prairies
are less likely to feel they will have to work out of financial
necessity after they officially retire. That said, at Scotiabank we
understand that planning for retirement can be overwhelming at times
and we want to help Canadians invest for their future so they can
achieve their ideal retirement."
The study found that there were some major differences between Canadians
who live in Manitoba and Saskatchewan and those who live in Alberta
when it came to how much they think they will need to fund their ideal
retirement. Residents of Manitoba and Saskatchewan were more likely
than Albertans to report needing less than one million dollars for
their retirement (68 per cent vs. 36 per cent), whereas Albertans were
more likely than residents of Manitoba and Saskatchewan to need one
million dollars or more (64 per cent vs. 33 per cent). Interestingly,
Albertans also stand out from the rest of Canadians, as they are
significantly more likely to think they will need two million dollars
or more for their retirement (31 per cent vs. 14 per cent).
"As the study shows, there isn't a magic number that suits everyone's
retirement needs," commented Mr. Marlatte. "When planning for
retirement, rather than dwelling on the amount they think they're going
to need, we suggest Canadians focus on what they want their retirement
to look like and then figure out how much that will cost."
People in the Prairies are in agreement when it comes to how they plan
to spend their retirement, with the majority planning to travel (85 per
cent), spend time with family and friends (77 per cent), read (61 per
cent) and exercise (59 per cent).
Eighty-two per cent of Prairie residents who are expecting to retire are
currently putting money away for their future and they have been doing
so for an average of 14 years. Those from Manitoba and Saskatchewan are
more likely than Albertans to have saved less than $20,000 over the
past five years for their retirement (63 per cent vs. 43 per cent).
"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 Mr. Marlatte. "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."
While there are a few Prairie residents who think that their retirement
will be funded by inheritance (24 per cent), the majority believe the
money will come from RRSP contributions (81 per cent), savings (71 per
cent), the government (59 per cent), and their work pension (58 per
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 202 completed surveys were collected from a random sample of
Harris/Decima's panel members in the Prairies, of which 139 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, firstname.lastname@example.org.