One-third of Quebec residents plan to work after they retire out of
Seven-in-10 Quebecers believe they will need to save less than one
million dollars for retirement
TORONTO, Jan. 4 /CNW/ - Of those Quebec residents who plan to retire, 64
per cent plan to work during retirement, primarily to remain mentally
(67 per cent) and socially (51 per cent) active, according to a recent
Scotiabank study conducted by Harris/Decima assessing Canadians'
attitudes toward retirement and investing. However, one-third (33 per
cent) of Quebecers expect to work after they officially retire out of
"While it's great to see that so many Quebec residents are planning to
work in retirement to stay mentally and socially active, there are
still many who feel they will need to work out of financial necessity,"
said Sophie Labonne, Investment Sales Coach, Montreal, Scotiabank. "At
Scotiabank we understand that many Canadians can find planning for
retirement overwhelming and we want to help them by making investing
for their future easier so they are better able to achieve their
The study found that the majority of Quebec residents (70 per cent)
think that they will need less than one million dollars to fund their
retirement, with almost half (43 per cent) believing they will need
less than $300,000. Twenty-two per cent of Canadians from Quebec think
they will need between one and two million dollars and only nine per
cent believe they will need two million dollars or more to fund their
ideal retirement, significantly less than the rest of Canada at 18 per
"When it comes to retirement, there is no one-size-fits-all solution,"
commented Ms. Labonne. "For some $500,000 might be enough and for
others it could be $2,000,000. Thinking about retirement can be
discouraging if you focus on this big amount. Instead, we recommend
that Canadians focus on how they plan to spend their retirement years
and then determine how much this will actually cost. It is equally
important for them to determine how much they can afford to put away
for retirement and then understand how much this will give them down
Quebecers are less likely than other Canadians to plan to travel in
retirement (78 per cent vs. 88 per cent). The majority of Quebec
residents also plan to spend their retirement with family and friends
(70 per cent), reading (59 per cent) and exercising (58 per cent).
As for saving for retirement, 69 per cent of Quebecers are currently
putting money away for their future, significantly less than the rest
of Canadians at 80 per cent. Quebec residents are more likely than the
rest of Canadians to have saved less than $20,000 over the past five
years for their retirement (64 per cent vs. 59 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 Ms. Labonne. "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 more Quebecers believe that the money for their retirement will
come from RRSP contributions and savings (70 per cent and 63 per cent
respectively), many indicated their retirement would also be funded by
money from the government (60 per cent), their work pension (54 per
cent) or inheritance (23 per cent). A small number of Quebecers expect
to have retirement money come from the lottery (six per cent) or their
children (three per cent).
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 249 completed surveys were collected from a random sample of
Harris/Decima's panel members from Quebec, of which 192 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.