More than one-third of Canadians from B.C. plan to work after they
retire out of financial necessity
One-third of B.C. residents believe they will need to save between one
and two million dollars for retirement
TORONTO, Jan. 4 /CNW/ - Of those Canadians from B.C. who plan to retire,
two-thirds (66 per cent) plan to work during retirement, primarily to
remain mentally (73 per cent) and socially (59 per cent) active,
according to a recent Scotiabank study conducted by Harris/Decima
assessing Canadians' attitudes toward retirement and investing.
However, more than one-third of B.C. residents (38 per cent) expect to
work after they officially retire out of financial necessity, in line
with the national average.
"It is great to see that so many people in B.C. plan to stay mentally
and socially active in their retirement years," said Purdy McDonald,
District Vice-President, Vancouver Island, Scotiabank. "There are,
however, some British Columbians who will work in retirement out of
financial necessity, but, with proper planning, this does not
necessarily have to be the case. At Scotiabank, we understand that
planning for retirement can be overwhelming for some and our goal is to
help Canadians invest for their future so they can achieve their
The study found that one-third of British Columbians (33 per cent) think
they will need between one and two million dollars to fund their ideal
retirement. B.C. residents are significantly less likely than the rest
of Canada to think that less than one million dollars is sufficient to
fund their retirement (45 per cent vs. 58 per cent).
"It is not surprising to see that B.C. residents expect to need more to
retire, as the cost of living in B.C. tends to be higher than other
parts of Canada," said Ms. McDonald. "When planning for retirement, no
matter where you are, it's important to focus on what you're planning
to do in your golden years and determine how much you will need to live
Like the rest of Canadians, when it comes to how they plan to spend
their retirement, the majority of B.C. residents plan to travel (87 per
cent), spend time with family and friends (69 per cent), read (63 per
cent) and exercise (63 per cent). Other retirement plans include taking
up a hobby (54 per cent) and going back to school (26 per cent).
As for saving for retirement, 84 per cent of B.C residents who expect to
retire are currently putting money away for their future and they have
been doing so for an average of 14 years. Nearly half of Canadians from
B.C. (46 per cent) who plan to retire report saving less than $20,000
over the past five years.
"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. McDonald. "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."
The majority of B.C. residents (86 per cent) reported that their
retirement will be funded by their RRSP contributions, significantly
more than the rest of Canada at 77 per cent. Money for their retirement
will also come from savings (71 per cent), the government (67 per
cent), work pension (53 per cent), and inheritance (36 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 132 completed surveys were collected from a random sample of
Harris/Decima's panel members from British Columbia, of which 88 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.