While many Canadians may enjoy watching the Oscars on March 2, a majority will not be able to live anything close to a movie-star lifestyle when they retire.
A new poll commissioned by full-service investment dealer Edward Jones found that more than half of Canadians do not feel confident about their current savings levels.
The poll completed by Leger Marketing asked Canadians which Oscar-nominated movie title most closely resembled their retirement savings. The results found that the majority are saving for retirement but only 30 per cent will be able to retire comfortably. Here’s a breakdown of the repsonses:
> Million Dollar Baby – I’m set for retirement, 8 per cent;
> Bound for Glory – I’m on my way to retiring comfortably, 22 per cent;
> As Good as It Gets – I’m saving as much as I can, but it will not be enough to retire, 33 per cent;
> Gone with the Wind – I’m not saving for retirement, 20 per cent;
> Don’t know, 17 per cent.
When it comes to saving, Canadians are not prepared for retirement. Canadians 18-34 are the most likely not to be saving for retirement (31 per cent), however, only 15 per cent of those over 55 are set for retirement. Two-fifths of those aged 35 to 54 are saving but not enough to retire.
Responses gathered via an online survey of a representative sample of 1,503 Canadians between January 27 and 30. A probability sample of the same size would yield a margin of error of plus or minus 2.5 per cent, 19 times out of 20.