SASKATOON, SK and WINNIPEG, MB, Feb. 5 /CNW/ -
WHAT: Boomers in Saskatchewan and Manitoba are well stocked when it
comes to retirement savings. In fact, more people in central
Canada have RSPs than anywhere else in the country, according to a
previous BMO Financial Group/Ipsos Reid retirement study(*).
Of central Canadians aged 45 to 60, 77 per cent have RSPs, well
above the national average of 69 per cent. When asked what they
are currently saving for, 75 per cent of boomers from Saskatchewan
and Manitoba said retirement, compared to the national average of
66 per cent.
Yet, while these boomers are ahead with saving for retirement,
more than half of them indicated that either they don't have a
financial plan (27%) or that their plan is "in their head" (24%).
For those boomers who have an RSP, 45 per cent consider it to be
their financial plan.
In fact, boomers from Saskatchewan and Manitoba are more likely
than other boomers to spend their time planning exercise (54% vs.
49%), diet (60% vs. 47%), home renovations (55% vs. 46%) and car
maintenance (42% vs. 33%) than planning their retirement.
WHO: BMO Financial Group has local experts who can provide tips to help
Central Canadians build their retirement plans. They can discuss:
- What it takes to build a retirement plan and tips for getting
- How to determine how much you'll need in retirement and what
you'll need to do now to reach your goals
- Retirement planning tips for Gen Y and Gen X - it's never too
early to start saving for your future
(*)Based on an online survey conducted by Ipsos Reid for BMO Financial
Group between November 30-December 3, 2006 among a randomly selected sample of
1,411 respondents aged 45-60. The survey included 84 respondents in Manitoba
and Saskatchewan. A survey of this size would be produce a margin of error of
approximately 10.7%, 19 times out of 20.
For further information:
For further information: or to arrange an interview, contact: Lucie
Gosselin, Montreal, email@example.com, (514) 877-1101; JoAnne Hayes,
Toronto, firstname.lastname@example.org, (416) 867-3996; Internet: