Canada NewsWire
TORONTO, Feb. 14, 2022
TORONTO, Feb. 14, 2022 /CNW/ - BMO Financial Group's Retirement Study found that while the average amount Canadians believe they need to retire has increased 12 per cent since 2020 to $1.6 million, fewer than half (44 per cent) of Canadians are confident they will have enough money to retire as planned.
The annual survey explores Canadians' expectations and approaches to retirement planning. This year's edition found their confidence in having enough to retire as planned has decreased by 10 per cent since last year. Provincially, residents in Alberta and Ontario are the most confident in their existing retirement plans, at 51 and 46 per cent, respectively.
Region | Retirement Confidence | Making an RRSP |
Atlantic | 37 per cent | 49 per cent |
Quebec | 43 per cent | 61 per cent |
Ontario | 46 per cent | 58 per cent |
Prairies | 38 per cent | 58 per cent |
Alberta | 51 per cent | 53 per cent |
B.C. | 40 per cent | 58 per cent |
National | 44 per cent | 58 per cent |
Despite the challenges from the global pandemic and expectations of rising inflation, the majority (58 per cent) of Canadians have or plan to contribute to their Registered Retirement Savings Plans (RRSP). Quebec residents have the highest contribution rates while Canadians in the Atlantic provinces have the lowest.
"Canadians have demonstrated resilience during these uncertain times and it's encouraging to see them continue prioritizing retirement planning," said Robert Armstrong, Director, Multi-Asset Solutions, BMO Global Asset Management. "While 2022 will have its own challenges and opportunities, working with a professional advisor can help Canadians navigate these transitions and gain confidence in their financial plans and future."
Retirement Pulse Check
The survey also revealed additional insights into Canadians' retirement plans and strategies, including:
Single, Together or Its Complicated? Achieving Retirement Planning Confidence Beyond Relationship Status
The study found Canadians' relationship status plays a role in how they approach retirement planning:
"While long-term financial goals including retirement can initially feel intimidating, Canadians are not alone. By working with a trusted professional advisor who can develop personalized plans according to your personal and financial goals, risk tolerance and values, Canadians can have the confidence they will be able to enjoy retirement and the other benefits that come with achieving your goals," said Mr. Armstrong.
For more information on Registered Retirement Savings Plans, opening an account, or other assistance, please visit www.bmo.com/rrsp.
The BMO Savings Study was conducted by Pollara Strategic Insights via an online survey of 1,500 adult Canadians conducted between October 26th and 29th 2021. The margin of error for a probability sample of this size is ± 2.5%, 19 times out of 20.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $988 billion as of October 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group
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