While a majority of Canadians fear outliving their income as they approach retirement, a new survey shows that such worries fade in their retirement years.

A survey of 2,200 Canadians by Russell Investments Canada and Harris/Decima Research earlier this year showed that 10 years before retirement, 61% of Canadians worried about outliving their money. Ten years into retirement, however, only about one in five retirees were still worried.

“There is a significant gap between what Canadians think about their financial health once they are truly retired, compared to how they feel before actually getting there,” said Irshaad Ahmad, president and managing director of Russell Investments Canada Ltd., which provides strategic advice, performance benchmarks and investment products.

The survey looked at 11 different variables that asked Canadians to assess concerns about their financial health in retirement. The variables included physical health, personal finances, unexpected events and financial planning, among others.

It found that 74% were concerned about having enough income to fund their desired lifestyle and 63% were concerned about being able to pay for the basic essentials of life.

Russell Investments blames this concern on media and advertising campaigns as well as a lack of information among people who don’t seek professional financial advice.

“Working with a financial professional is recognized as critical to the investor’s financial health,” Ahmad said in a statement.

But the survey also revealed reluctance to work with financial advisors. It showed that 63% of Canadians are concerned about receiving reliable, trustworthy professional advice.

Based on the results of the survey, Russell Investments has launched a new online tool Canadians can use to gauge their own financial health and compare it to other investors across the country.

Called the Russell Financial Health Index, the tool is available in both official languages at www.myfinanciallyhealthyretirement.com. The index gathers data from a confidential web survey, which takes approximately five minutes to complete. Based on their answers, users are assigned a Financial Health Score, which can be measured against the scores of other Canadian investors who have used the tool.

Each score is a result of analyzing the same variables used in the survey, including physical health, personal finances, and others. Respondents are also asked questions related to how prepared they feel to ride out changes in their long-term investment performance before and during retirement.

The index can be revisited and updated any time personal financial circumstances or financial markets evolve.

Russell Investments will assess and report findings from the index on a quarterly basis, to reveal how Canadians perceive their financial health as they deal with different economic environments and changes in their lives.

“The good news for Canadians is that financial health throughout retirement is not only possible, but probable,” Ahmad said. “By continuing to invest in a conservative portfolio of equities to cover essential costs, additional lifestyle expenses and unforeseen circumstances, you can retire from work. But you shouldn’t retire from investing.”

IE