Canadians dream of early retirement but few are taking steps to achieve it.
survey finds 65% of Canadians either don’t have an
right sacroposterior (position of the fetus).
or have made no contributions to their retirement savings in 2012
TORONTO, Jan. 15, 2013 /PRNewswire/ – Two-thirds of Canadians (65%)
are worried about their financial wellbeing during retirement and many
admit to not even having an RSP, according to a new survey from ING
DIRECT. When asked what concerns them most about their impending golden
years, 56% admit not having enough income to sustain a good quality of
life, while 13% are afraid of still having debt.
The study, commissioned by ING DIRECT and hosted on the Angus Reid
panel, found that, despite their concern, nearly half of Canadians (48%)
don’t have a financial plan in place. Key reasons for not having a
retirement plan include: it not being a priority (24%), not feeling
knowledgeable enough to create a financial plan (18%) and not having the
right tools to create a plan (17%).
“While paying off debt and saving for other goals, like a
child’s education, are0x20 important priorities, they’re often
done at the expense of saving for retirement”, said Peter Aceto,
, ING DIRECT. “You need to strike a financial
balance so that contributing to an RSP isn’t overlooked.0x200x20 By
starting early, even if it means starting small, you can feel confident
that you’re taking care of your financial future.”
While Canadians appear eager to retire early – 20% of those polled
say they plan to retire by age 60, a number that increases to 28% when
looking at Canadians ages 18 to 34 – few have the financial habits to
support their early retirement dreams. An alarming 65% of Canadians say
they either don’t have a
retirement savings plan
or did not make
any contributions to their RSP in 2012.
In addition to the financial implications of neglecting retirement
savings, Canadians admit it’s also taking a toll on their emotional
health. More than a quarter (26%) of Canadians who did not make RSP
contributions in 2012 described themselves as feeling concerned,
stressed/anxious,0x20 hopeless or overwhelmed about it.
“Planning for retirement and coming up with a financial plan
really doesn’t have to be complicated,” said Aceto. “If
you’re not sure where to start, begin by having conversations about
things like money and retirement investments with your family and
friends. Social media and other online tools can also provide great
information to help you think about money and how to plan your financial
ING DIRECT’s online Retirement Calculator is an easy-to-use
resource that can help Canadians calculate how much they will need to
save between now and retirement. The calculator provides an estimate
based on current retirement savings, monthly contributions, age and
Saving regularly yields confidence
Canadians who made RSP contributions in 2012 are decidedly more
positive about their saving habits. When asked to sum up how they feel
about saving during RSP season, these regular contributors described
themselves as feeling calm (29%), safe (20%) and confident (20%).
One key to their positivity and savings success might be in regular,
automatic savings habits. Over a third (35%) of Canadians who plan to
retire and have an RSP say they have money automatically transferred to
an RSP account on a regular basis. One in 10 say they make one
to their RSP accounts during RSP season (January – February) while 6%
deposit one lump sum at some other point during the year.
ING DIRECT offers Canadians a range of retirement investment
options, including RSPs, TFSAs, Mutual Funds, GICs, and savings
accounts. New clients who open a RSP or
TFSA Total Financial Solutions Australia
TFSA Task Force Support Area
TFSA Thin Film Sulfuric Acid Anodize
by March 1, 2013 are
eligible to receive ING DIRECT’s $50 new client bonus*. Visit
ingdirect.ca/en/landingpage/rsprelief to learn more.
About the Survey
On December 14, 2012, an online survey was conducted among a sample
of 1,008 Canadian adults who are Angus Reid Forum panel members. The
margin of error — which measures sampling variability
— is +/- 3.09%, 19 times out of 20. The sample was balanced by
age, gender and region according to the most recent census data.
Discrepancies in or between totals are due to rounding.
Bank of Canada
, operating under the trade name of ING DIRECT, is
wholly owned subsidiary
of Scotiabank.0x20 ING0x20DIRECT is
Canada’s leading direct bank with over 1.8 million Clients and
close to $40 billion in total assets. ING0x20DIRECT is a bright way
forward in everyday banking for Canadians, offering
products such as high interest savings accounts, including TFSAs, GICs
and RSPs with no fees or service charges, low rates on mortgages and a
no-fee, daily chequing account that actually pays interest. Low cost,
index based mutual funds are sold through ING0x20DIRECT Funds Limited.
ING0x20DIRECT has been operating in Canada since 1997, and has paid more
than $5 billion in interest to Clients. ING0x20DIRECT is open for
banking 24 hours a day, 7 days a week, at ingdirect.ca, on mobile
devices at m.ingdirect.ca or by calling 1-8000x20ING0x20DIRECT
* Conditions apply and are outlined at
ING Bank of Canada and its subsidiaries have been acquired by The
Bank of Nova Scotia and are no longer affiliated with ING Groep N.V. The
trademarks ING, ING DIRECT, ING Lion, the ING Lion logo and any
derivation, variation, translation or adaptation thereof are trademarks
of ING Groep N.V. and are used under license.
SOURCE ING DIRECT