Canadians who are actively planning for their retirement are much more likely to feel financially prepared versus those without a plan, according to a recent poll.
The CIBC poll conducted by Harris/Decima shows that many Canadians across a wide range of ages say they do not feel financially prepared for their retirement, including baby boomers who named retirement planning their top financial priority for 2012.
The poll reveals that 44% of all Canadians say they are not financially prepared for their retirement. Among baby boomers at the leading edge of the boom (aged 55-64), 31% say they do not feel financially prepared for retirement.
Only 53% of Canadians say they have a long term investment plan for their retirement, but it’s not all gloom and doom. Among Canadians who say they have a long term investment plan for retirement, 76% say they are financially prepared for retirement, versus just 25% among those who don’t have a plan.
“Planning for retirement is something almost every Canadian thinks about at this time of year, and our poll results show that many would like to be further ahead when it comes to their retirement plans,” commented
“Our poll results reveal a split in the country when it comes to retirement, with those who are actively planning ahead are about three times more likely to feel prepared for their future retirement than those who have not yet mapped out their retirement strategy,” says Christina Kramer, executive vice president, retail distribution and channel strategy, CIBC.
The survey results are based on a CIBC poll conducted by Harris/Decima, via teleVox, which surveyed 1,005 Canadians. The associated margin of error is +/-3.1%, 19 times out of 20. Polling was conducted between Dec. 8 to 12, 2011.