Boomer concern about debt reduction soars: RBC Retirement Study

    RBC Introduces retirement transition program to help boomers address
    their financial and lifestyle priorities

    TORONTO, May 7 /CNW/ - According to a new RBC retirement study the
percentage of Canadian boomers who say reducing debt is a top financial
priority has doubled in the past six months to 62 per cent, up from 31 per
    "Many Canadian boomers are juggling multiple financial priorities,
particularly in light of recent market volatility and economic conditions,"
said Lee Anne Davies, head, Retirement Strategies, RBC. "Our study found that
while boomers are focused on reducing debt, the majority (61 per cent) also
remain committed to saving for retirement. To help address both these
priorities, clearly define your goals, understand your options, consider how
the unexpected might impact your lifestyle and develop a realistic plan of
    According to the study, half of boomers (50 per cent) say their view of
their retirement has changed as a result of the current economy. One-in-four
(26 per cent) say they may have to work longer than they expected. One-in-five
boomers (20 per cent) believe they may not be able to live the lifestyle they
thought they would in retirement and 14 per cent say they will need to do more
retirement planning.
    "When it comes to retirement planning, the five years leading up to
retirement are crucial," said Davies. "While saving money is important,
retirement planning is also about envisioning your future and the retirement
lifestyle you want to lead. That's why we introduced Your Future by Design(R):
The Learning Series, an interactive program to help clients prepare for
retirement from a financial and lifestyle perspective."
    Your Future by Design: The Learning Series, Retirement Transition is a
75-minute, hands-on workshop, hosted by RBC's Investment & Retirement
Planners, to help boomers prepare both before and throughout their retirement.
This innovative approach provides clients with a holistic view of retirement
combining both financial and lifestyle planning for key areas in life,
including family, health, home, lifestyle, work/business, mind and spirit, and

    Fast Facts:

    The top five places boomers turn to for financial information:

    1.  Professional financial advisors (50 per cent)
    2.  Newspapers, magazines or television (39 per cent)
    3.  Information or newsletters from financial institutions (23 per cent)
    4.  Open to advice, anywhere from anyone (23 per cent)
    5.  Family or friends (19 per cent)

    About the RBC Retirement Study

    The RBC Retirement Study was conducted by Ipsos Reid from April 9 to 14,
2009. This online survey of 1,028 Canadians, including 518 boomers between the
ages of 50-69, was conducted via the Ipsos I-Say Online Panel, Ipsos Reid's
national online panel. The results of this poll are based on a sample where
quota sampling and weighting are employed to balance demographics and ensure
that the sample's composition reflects that of the actual Canadian population
according to Census data. Quota samples with weighting from the Ipsos online
panel provide results that are intended to approximate a probability sample.
Statistical margins of error are not applicable to online polls, however, an
unweighted probability sample of this size, with a 100 per cent response rate,
would have an estimated margin of error of +/-3.05 percentage points, 19 times
out of 20, had the entire adult population of Canada been polled. The
estimated margin of error for the boomer sub-sample would be +/-4.3 percentage
points, 19 times out of 20.

    To find out more about how RBC can help build a blueprint for the future,
visit or call 1-866-335-4055.

For further information:

For further information: Media contacts: Sarah Pendrith, RBC Wealth
Management, (416) 974-8820; Jackie Braden, Media Relations, (416) 974-2124

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