Once Canadians decide to retire there is no changing of their minds according to a survey conducted by SOM Surveys, Opinions and Marketing on behalf of Desjardins Financial Security.

Their determination is surprising because an overwhelming 46% of Canadians polled feel that they will not be able to set aside enough money for retirement, and confidence in government pension plans is a mere 6%.

But despite the low confidence level for retirement savings, 68% of respondents said they would not consider returning to work once they retire even if they received an ideal offer to work full-time in their dream job. In Quebec, this figure jumps to 87%.

“Working to death is not an option for Canadians,” said Taylor Train, vice president of marketing for Desjardins Financial Security. “There is little flexibility about returning to work on a permanent basis once retired. Many people over 40 years old are holding onto their dream of early retirement, but are still being realistic. Fifty-nine per cent will seek to be self-employed and work about 20 hours a week so they can remain active, regardless of the low personal confidence level for retirement saving.”

“The low savings levels are not affecting Canadians’ desire to retire,” added Train. “Currently, 50% of Canadians have less than $25,000 in total savings. Of the 58% of the adult population who own an RRSP, 69% of them have less than $50,000 in their accounts.

“For Canadians, the brightest star is employer pension plans. Of the 46% of Canadians who contribute to an employers pension plan, 42% have faith in their employer’s capacity to pay the benefits. This is the highest confidence level and where many feel they will receive a return on their invested funds,” said Train.

Concerning the Canadian Pension Plan and the Quebec Pension Plan, there is considerable scepticism concerning governments’ abilities to pay out benefits. A staggering 76% of Canadians feel the federal government is unlikely to meet its obligation.

A similar 71% of Quebecers lack confidence toward the provincial government’s ability to pay out the benefits from the QPP.

SOM Surveys, Opinions and Marketing conducted the poll on behalf of Desjardins Financial Security between January 6 and 16, 2003. In total, 1,000 interviews were conducted with a representative sample of Canadian adults.