More Canadians are gaining confidence that they’ll reach their retirement goals, according to a survey for Manulife Investments.
Almost two-thirds (62%) of Canadians surveyed by Maritz Research in late December said they are confident of reaching their retirement goals, up five percentage points from a year ago. Only 24% said they are uncertain, down 6% from late 2003, while another one of 10 are worried about fulfilling their goals.
Meanwhile, 83% plan to boost or match their previous contributions to RRSPs in the 2004 tax year, compared to the previous year.
Sixty-one per cent say they will match their previous contributions while 22% plan to invest more.
Despite strong changes in markets through 2004, RRSP contributors say their investment pattern has remained steady. Some 61% of investors surveyed said they altered none of their holdings — that’s a 1% change from last year’s poll.
Among those surveyed, 48% said they have individual RRSPs, while 22% belong to group RRSPs. Exactly half of those surveyed said they have either already made contributions toward 2004 tax year or have plans to make a contribution.
A larger group expects to contribute at least $5,000 to their RRSPs this year. About 23% say they will contribute above that level, up from 17% a year ago.
When it comes to advice, 45% said they work an advisor. Of those polled who do not have an advisor, the largest group (85%) said their main reason for going it on their own is to personally manage their own financial affairs.
The largest group of those surveyed, or 77%, said their short or long-term goals include planning for a comfortable retirement. The second most-cited goal was planning for family in case of an illness or death (71%), followed by making charitable donations (70%); building a portfolio (70%); reducing taxes (68%); and paying down debt (60%). Early retirement was cited by 58%.
When it comes to their investments, some 34% said they hold mutual funds, 28% have term deposits and guaranteed investment certificates, 26% hold stocks, 21% invest in bonds and 13% hold segregated funds.
Poll results released today are based on a Maritz Research survey of 1,006 Canadians (18 years and older) between December 20 and December 28, 2004. The overall results have a margin of error of plus or minus 3.2 percentage points, 19 times out of 20.
Most Canadians expect to reach retirement goals, survey finds
Strong RRSP contributions forecast for 2004 tax year
- By: IE Staff
- January 18, 2005 October 31, 2019
- 11:55