Less than one-third of Canadians have a financial plan, putting financial stability for retirement at risk: CIBC poll

CIBC to host upcoming informational seminars, providing financial advice for pre and current retirees

TORONTO, Sept. 25, 2019 /CNW/ - A new CIBC poll finds that 77 per cent of Canadians are worried about having enough money in retirement, and many do not have a financial plan. To help Canadians gain confidence about their retirement finances, CIBC will be hosting seminars in communities across the country to provide helpful advice to both clients and the general public.

"The transition into retirement is a very pivotal moment in life, and there are steps that should be taken to ensure that your financial situation is secure," said Kathleen Woodard, SVP, Personal and Small Business Banking, CIBC. "The most important first step is to have a plan in place to get yourself there."

The "A retirement less ordinary — plan to live the life you love" events will be hosted by CIBC experts and advisors, and will allow both retirees and pre-retirees to receive the information and advice they need for three important stages of the retirement journey. To find out more details about locations and timing of the events contact a local CIBC banking centre.

CIBC experts will cover key themes during the events:

• Preparing for retirement - Setting the stage
• Transitioning into retirement - Taking the leap
• Living in retirement - Living your dream

"Good planning can be the difference between getting by, and living the life you truly want in your retirement," said Ms. Woodard." That is why CIBC hosts events such as A retirement less ordinary — plan to live the life you love, to empower our clients and help them turn their ambitions into reality."

Other key findings about Canadians and retirement:

• 11 per cent don't have any savings and will rely solely on CPP and/or OAS
• 26 per cent are not confident with the retirement plan they have put in place
• More than one-third (35 per cent) worry about outliving the savings they set aside for retirement

CIBC Poll Disclaimer: From August 23rd to August 25th 2019 an online survey of 1,522 randomly selected Canadian adults who are Maru Voice Canada panelists was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

About CIBC
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

SOURCE CIBC

Trish Tervit, Public Relations, 416-813-9119 or [email protected]