Canadians may be relying on continued good health to enable them to keep working during their retirement years.

Sixty-seven per cent of on non-retired Canadians say their physical health is better than their financial health, according to new research released today by Investors Group.

Only 46% of Canadians consult an advisor for help with managing their finances, according to the national poll conducted for Investors Group by Decima Research.

“Canadians are increasingly focused on improving their physical fitness, but it is equally important to establish healthy habits to ensure sound financial fitness,” says Debbie Ammeter, Investors Group’s vp of advanced financial planning support. “Physical health and financial health are not mutually exclusive – both are essential to longevity and a prosperous future.”

Many Canadians may be counting on their good physical health to support their intention to work in retirement. The poll found that 58% of all working Canadians plan to do some sort of paid work in retirement, while only 23% of current retirees surveyed did the same after they retired. Canadians in the “baby-boom” generation have the strongest intentions to remain in the workforce, with 65% of respondents in the 45-64 age group saying they plan to do some sort of work in retirement.

But working Canadians may want to pay mind to the lessons learned by retired Canadians. While only 8% of non-retired Canadians say they have a health condition that might prompt them to retire earlier than they would prefer, 21% of retired Canadians said they encountered a health condition that required them to retire early.

“As we age, health and other complications can come into play. It is critical to remember that you may not be able to work as long as you hope or plan to,” cautions Ammeter.

The research found that the higher their household income, the more likely Canadians are to work with a financial advisor. “Professional financial advice is not something reserved for the wealthy,” says Ammeter. “You do not just use an advisor to manage the money you’ve got; you work with an advisor to plan for the money you want.”

The research confirmed that financial planning isn’t being done until late in the game. While Canadians on average say they think they’ll retire at age 61, 42% of retired respondents say they did not start thinking seriously about retirement until after age 50. “
The Decima data were gathered between October 20th and October 30th, 2006, through Decima eVox, the company’s large national online panel. Results are based on a sample of 2,170 Canadians, and the corresponding margin of error is 2.2%, 19 times out of 20.