Click here to close now.



Welcome!

News Feed Item

BMO Harris Private Banking Study: Affluent Canadians Report They Need an Average of $2.3 Million to Retire

- This amount is two and a half times more than the average of what Canadians as a whole feel they need for retirement

TORONTO, ONTARIO -- (Marketwired) -- 01/17/14 -- According to a study released today by BMO Harris Private Banking, high-net worth Canadians (those with investible assets of $1 million or more) reported that they require, on average, $2.3 million to be able to live out their ideal retirement lifestyle. This amount is two and half times more than the $908,000 average that Canadians as a whole - irrespective of income level - identified as the optimal amount required for retirement. The study is the fourth in a series by BMO Harris Private Banking examining trends among the affluent in Canada.

"Regardless of your income or the amount of wealth you possess, it's important to understand that saving for retirement is not a one-size-fits-all proposition in terms of the ideal amount you need to save," said Yannick Archambault, Vice President and COO, BMO Harris Private Banking. "How much you require will be determined largely by what kind of lifestyle you envision for yourself, including where you plan to live, how much you want to travel and other factors that could require funding. What's important is that you give serious thought to how you want your retirement to look and then work with a financial professional to create a financial plan that includes a retirement savings and investing component."

Canada's Affluent Confident About Their Retirement

The study also found that the vast majority of high-net worth Canadians are upbeat about saving for retirement, with 95 per cent stating that they are confident about their ability to achieve their ideal retirement lifestyle (versus 69 per cent of Canadians overall).

Mr. Archambault noted that this optimism should not come as too much of a surprise, given that the study also found that 86 per cent of high-net worth Canadians say they are quite comfortable with their current savings and investment plan. Further, 70 per cent expect stocks to generate the most solid returns over the next five years, well ahead of real estate (39 per cent), bonds (24 per cent) and cash (19 per cent).

"While it's encouraging that so many of the country's affluent are feeling good about the prospects for their retirement, it's important to be mindful that market conditions can change very quickly and impact one's investments," observed Mr. Archambault. "It's important to ensure your portfolio manages risk effectively and is well diversified in order to insulate your retirement nest-egg against market fluctuations as best as possible."

Regional Breakdown:


----------------------------------------------------------------------------
Region                                         % of high-net
              Average amount  Average amount worth Canadians        % of all
              high-net worth  Canadians as a        who feel   Canadians who
              Canadians feel whole feel they confident about  feel confident
               they need for        need for      saving for    about saving
                  retirement      retirement      retirement  for retirement
----------------------------------------------------------------------------
National          $2,300,000        $908,000              95              69
----------------------------------------------------------------------------
Atlantic          $2,100,000        $622,000             100              66
----------------------------------------------------------------------------
Quebec            $2,400,000        $584,000              93              71
----------------------------------------------------------------------------
Ontario           $2,200,000        $978,000              93              67
----------------------------------------------------------------------------
Man/Sask          $2,100,000        $768,000              92              66
----------------------------------------------------------------------------
Alberta           $2,400,000      $1,300,000              97              71
----------------------------------------------------------------------------
B.C.              $2,200,000      $1,102,000             100              71
----------------------------------------------------------------------------

The online survey was conducted by Pollara between March 28th and April 11th, 2013 with a sample of 305 Canadians with at least $1 million in investable assets. The margin of error for a probability sample of this size is +/- 5.6%, 19 times out of 20.

Results cited among the general public come from online surveys fielded by Pollara among 1,000 Canadians during the second half of 2013. The margin of error for a probability sample of this size would be +/- 3.1%, 19 times out of 20.

About BMO Harris Private Banking

Backed by the stability and resources of BMO Financial Group, professionals at BMO Harris Private Banking are responsible for the successful management of wealth by providing expert advice and highly personalized services in banking, investment management, estate, trust, succession planning and philanthropic services - all in a coordinated approach. BMO Harris Private Banking is able to service clients in a variety of languages in 35 offices across Canada.

For more information on BMO Harris Private Banking, please visit www.bmo.com/harrisprivatebanking.

Get the latest BMO press releases via Twitter by following @BMOmedia.

Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
514-877-8224
[email protected]

Laurie Grant, Vancouver
604-665-7596
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry's single source for the cloud. Fusion's advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...