Welcome!

News Feed Item

BMO Fourth Annual Valentine's Day RRSP Study: Canadian Couples at Odds on Who's the (Retirement Planning) Boss

- Both men and women in relationships think they are in charge of key retirement decisions

TORONTO, ONTARIO -- (Marketwired) -- 02/12/14 -- According to BMO's Fourth Annual Valentine's Day RRSP Study, Canadian couples are not on the same page in terms of who they feel is the lead decision maker on retirement planning issues. Further, while 87 per cent of those who are married or in a serious relationship reported that they have had a discussion with their partner about retirement, just a quarter have had a detailed discussion and fewer than half have covered key topics such as what their ideal retirement will look like and how they will achieve their retirement goals.

When asked who is the key decision maker on retirement-related issues, the study found that:


--  Men in a relationship are twice as likely to consider themselves the key
    decision maker compared to their partner (41 per cent think they are the
    boss, 15 per cent think their partner is the boss).
--  However, women are also more likely to consider themselves the key
    decision maker compared to their partner (32 per cent think they are the
    boss, 19 per cent think their partner is the boss).

The same holds true when asked who is more focused on saving for retirement:


--  Men in a relationship are twice as likely to consider themselves more
    focused on saving compared to their partner (42 per cent think they are
    more focused, 19 per cent think their partner is more focused).
--  Women are also twice as likely to consider themselves to be more focused
    on saving compared to their partner (44 per cent think they are more
    focused, 21 per cent think their partner is more focused).

"Our study has revealed that there's a clear disconnect with regards to who's taking the lead on retirement-related issues among Canadian couples," said Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group. "If both partners in a relationship feel they're calling the shots and they have different views, then there's going to be conflict at some point down the road. It's critical to communicate, be open to compromise and be prepared to talk frankly about financial issues, including your plans for retirement and how they'll be funded."

He said/She said - Who's the better retirement saver?

According to the study, there appears to be a lot of finger pointing among Canadian couples on retirement-related issues:


--  Men in a relationship are twice as likely to point a finger at their
    partner for spending too much money instead of saving for retirement (37
    per cent blame their partner, 23 per cent take ownership of the issue).
    Men are also twice as likely to blame their partner for not taking
    saving for retirement seriously (35 per cent blame their partner, 18 per
    cent take ownership).
--  Women in a relationship are also more likely to accuse their partner for
    spending too much money instead of saving for retirement (36 per cent
    blame their partner, 25 per cent take ownership). Women are also twice
    as likely to blame their partner for not taking saving for retirement
    seriously (39 per cent blame their partner, 21 per cent take ownership).

The study also examined what Canadians think are the top reasons which could cause a couple to divorce; 68 per cent identified conflict over finances, ahead of infidelity (60 per cent) and disagreements about family (36 per cent).

"Money has the potential to be a source of tension and conflict for any couple, regardless of the amount they have," said Mr. Buttigieg. "While being open and honest with each other on financial matters is a good first step in building a happy fiscal union, it's also important to work together to develop a financial plan which takes into consideration your individual and joint goals and helps set the two of you up for a lifetime of financial, and marital, success."

Regional Breakdown


----------------------------------------------------------------------------
                                                    % of couples
                                                        who have
                                      % of couples     discussed
                        % of couples      who have    what their
                        who have had discussed how         ideal
           % of couples   a detailed     they will    retirement % who think
               who have   discussion achieve their     lifestyle    finances
              discussed        about    retirement     will look  contribute
Region       retirement   retirement         goals          like  to divorce
----------------------------------------------------------------------------
National             87           25            45            48          68
----------------------------------------------------------------------------
Atlantic             89           27            48            49          72
----------------------------------------------------------------------------
Quebec               81           25            41            45          53
----------------------------------------------------------------------------
Ontario              91           25            45            49          74
----------------------------------------------------------------------------
Prairies             77           24            43            46          62
----------------------------------------------------------------------------
Alberta              85           22            43            53          76
----------------------------------------------------------------------------
B.C.                 89           25            54            47          71
----------------------------------------------------------------------------

For more information on saving for retirement, please visit www.bmo.com/retirement.

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

The survey was conducted by Pollara with an online sample of 1,001 Canadians 18 years of age and over, between January 24th and January 28th, 2014.

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
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your ...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.