- Almost three-quarters (72 per cent) of Canadians 35+ have
started saving for retirement.
- However, nearly half (42 per cent) don't have a retirement
plan.
- Less than half (45 per cent) are confident they know how
much money they will need.
WINNIPEG, MB, Feb. 15,
2024 /CNW/ - According to IG Wealth Management's
(IG) annual retirement study, almost three-quarters (72 per cent)
of Canadians 35+ have started saving for retirement. However, many
seem to be doing so without an actual retirement plan in place.
The study, conducted in partnership with Pollara Strategic
Insights, found that:
- nearly half of respondents (42 per cent) are saving for
retirement without a retirement plan;
- less than half (45 per cent) are confident they know how much
money they will need for retirement; and
- only one-quarter (26 per cent) have considered inflation and
changing economic conditions when it comes to retirement
planning.
"While it's encouraging that Canadians are making saving for
retirement a priority, it's a little concerning that so many are
doing so without a proper roadmap in place nor with a sense of how
much they'll need," said Christine Van
Cauwenberghe, Head of Financial Planning at IG Wealth
Management.
Ms. Van Cauwenberghe noted that a
retirement plan should be a key part of any integrated financial
plan and should include critical considerations such as desired
retirement lifestyle, income goals, income sources, expenses, and a
savings program that includes managing assets and risk.
"Retirement planning is nuanced – Canadians who adopt the
do-it-yourself model are missing out on a real plan that considers
all retirement income sources, how to manage debt, your legacy and
tax efficiencies," she said. "With added concerns around inflation
and economic volatility on financial plans, specifically
retirement, Canadians need a personalized retirement plan now more
than ever to set them up for financial security in the future."
The study also found that, among those who work with a financial
advisor (36 per cent), less than half report that their advisor
provides them with retirement planning support.
"Our industry has a significant opportunity – and responsibility
– to think beyond just portfolio management and to focus on
integrated financial planning," added Ms. Van Cauwenberghe. "The reality is that, while
saving and investing for retirement or any other major life event
is important, it's just part of the solution to achieving financial
well-being. You also need to incorporate other key considerations
and have them integrated into an overall action plan, which looks
at all dimensions of your financial world."
About the Pollara Study
This study was conducted with
an online sample with 1,305 adult Canadians 35 years of age or
older. This research was conducted from January 9th to 17th, 2024. Results from a random
sample of this size can be considered accurate to within ±2.7%. 19
times out of 20.
About IG Wealth Management
Founded in 1926, IG Wealth
Management is a national leader in delivering personalized
financial solutions to Canadians through a network of advisors
located across Canada. IG Wealth
Management has $121.9 billion in
assets under advisement as of January 31,
2024, and is a member of the IGM Financial Inc. (TSX: IGM)
group of companies. IGM Financial, together with its subsidiaries,
is one of Canada's leading
diversified wealth and asset management companies with
approximately $241 billion in total
assets under management and advisement as of January 31, 2024.
SOURCE IG Wealth Management