Many Quebecers taking no action
MONTREAL, May 9, 2012 /CNW/ - Quebec residents on the whole believe they are responsible (54 per cent) for their financial security in retirement, with roughly one- quarter (22 per cent) of the responsibility falling to the government, and 14 per cent to their employer, according to the latest RBC Canadian Consumer Outlook (RBC CCO).
While many Quebec residents feel accountable for their financial security in retirement, almost four-in-10 (38 per cent) say they do not do anything to ensure a financially secure retirement. Adding to that, 58 per cent claim they do not have enough money to use all the saving options at their disposal and 36 per cent feel they do not need to understand all or any of the options available to them.
"Quebec residents have the opportunity to take control of their retirement situation by being more proactive in terms of researching the investment and savings options available to them," said Patrice Sieber, regional operating officer, Quebec region, RBC. "Not everyone's retirement lifestyle is going to be the same. It's best to meet with a financial planner to discuss their options. From there, clients can put the plan into action so they can meet their retirement goals."
Only one-in-three (33 per cent) Quebec residents are confident that they will have enough money to have a secure retirement, while 41 per cent - four points higher than the national average - are worried they will not have enough money to have a financially secure retirement; one-quarter (26 per cent) state they will have to continue to work or return to work after retirement age to make enough money to live.
Other highlights from the survey found:
- Quebec residents say relying on an insurance policy or other personal investments (43 per cent), selling their home and living off the proceeds (37 per cent), or depending on a family member (13 per cent) to take care of them financially are alternative retirement solutions.
- Forty-two per cent of Quebec residents make a yearly RRSP contribution.
- Only 20 per cent of Quebec residents believe they will be better off than their parents in retirement, seven points below the national average and the lowest mark in the country.
- Thirty-eight per cent think their retirement will be worse than what their parents experienced.
The RBC CCO is Canada's most comprehensive consumer assessment of the economy, personal financial situation and economic and purchasing expectations.
About RBC's savings and other financial advice and interactive tools
Canadians can freely access savings advice and resources at rbc.com/savingsspot. In addition, all personal RBC online banking clients can use myFinanceTracker, a no-cost interactive financial management tool, to create a budget and track their spending habits. Whether Canadians want to get more from their day to day banking, protect what's important, save and invest, borrow with confidence or take care of their businesses, the RBC Advice Centre can help answer their questions. Interactive tools and calculators provide customized information covering many facets of personal finance. In addition, online advice videos are updated regularly to reflect current trends and to answer the questions that are top of mind with Canadians. With the guidance of RBC advisors who are available to chat live, Canadians have access to free, no-obligation professional advice about RBC products and services and personalized one-on-one service at rbcadvicecentre.com.
About the RBC Canadian Consumer Outlook
The survey is conducted online via Ipsos Reid's national I-Say Consumer Panel to 3,398 Canadians (489 British Columbia, 481 Alberta, 539 Saskatchewan/Manitoba, 778 Ontario, 525 Quebec, 586 Atlantic Canada). Weighting was then employed to balance demographics and ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. Data collection was April 2 to 9, 2012. A survey with an unweighted probability sample of this size and a 100 per cent response rate would have an estimated margin of error of ±1.7 percentage points, 19 times out of 20, of what the results would have been had the entire population of adults in Canada been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population.
Image with caption: "RBC CANADIAN CONSUMER OUTLOOK - Percentage of share of responsibility for ensuring a financially secure retirement (CNW Group/RBC)". Image available at: http://photos.newswire.ca/images/download/20120509_C5678_PHOTO_EN_13372.jpg
Image with caption: "RBC CANADIAN CONSUMER OUTLOOK - Proportion of share or responsibility for ensuring a financially secure retirement (CNW Group/RBC)". Image available at: http://photos.newswire.ca/images/download/20120509_C5678_PHOTO_EN_13373.jpg
Image with caption: "RBC CANADIAN & US CONSUMER OUTLOOK - Feelings about your retirement years (CNW Group/RBC)". Image available at: http://photos.newswire.ca/images/download/20120509_C5678_PHOTO_EN_13374.jpg
Image with caption: "RBC CANADIAN & US CONSUMER OUTLOOK - Steps to ensure a financially secure retirement (CNW Group/RBC)". Image available at: http://photos.newswire.ca/images/download/20120509_C5678_PHOTO_EN_13375.jpg
Image with caption: "RBC CANADIAN CONSUMER OUTLOOK - Attitudes Towards retirement Savings Options (CNW Group/RBC)". Image available at: http://photos.newswire.ca/images/download/20120509_C5678_PHOTO_EN_13376.jpg
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