Welcome!

News Feed Item

44% of Boomers Express Concern About Outliving Their Retirement Savings: Scotiabank Retirement Study

TORONTO, ON--(Marketwired - June 24, 2014) -

  • Boomers expect to be more active and healthier than their parents in retirement
  • Gerontology expert says financial health a key to successful aging

According to a new Scotiabank study, the top priorities for Canadian baby boomers for retirement is living comfortably and having the health to enjoy it; however, 44% express concern about outliving their retirement savings.

Other key findings in a new Scotiabank study, The Retirement Landscape - A Focus on the Baby Boomer, include:

  • Baby boomers say that maintaining a comfortable living (37%), meeting their health-related needs and keeping healthy (31%) and travelling (15%) are their top priorities for their retirement years;
  • Most Canadian baby boomers believe they will be more active (62%), relatively better off financially (54%), retired longer (44%), and healthier (41%) than their parents in retirement.

How Boomers Prepare Financially for Retirement:

  • One-half of boomers believe they have done a great deal (13%) or quite a bit (39%) of planning for their financial needs in retirement, while a further 31% have done some planning and 15% have done very little planning or none at all;
  • The number one step toward preparing for retirement is saving as much as they can (26%), followed by having an RRSP (22%) and investments (13%).

Quotes:

"Canadians will be living longer and healthier lives than in previous generations, and with that comes the necessity to have the funds to live out their retirement years as they have planned," said Andrew Pyle, Senior Wealth Advisor at ScotiaMcLeod. "Your retirement balance sheet is no different than when you were working -- tracking what goes in versus what goes out. Whether through financial planners or online tools, we are encouraged that so many Canadians have a financial plan to keep them on track."

"Canadians who have insufficient funds in their retirement years can not only constrain their lifestyle choices, but also significantly impact their overall health and well-being," said Dr. Samir Sinha, Director of Geriatrics at Mount Sinai and the University Health Network Hospitals. "Successful aging should no longer be solely centered around our health but ensuring that we will have the financial resources to not only live longer, but also live well."

About the study
For this survey, TNS Canada conducted online interviews among 1,201 Canadians who are 45 to 70 years of age. All respondents had a minimum of $50,000 in investable assets, and have sole or shared responsibility for household financial decisions. Among those surveyed, 37% are retired and 63% are not retired. In tabulation, data was weighted to be to represent the general population based on age, gender, and region. The survey was conducted from January 8 to 23, 2014.

About Scotiabank
Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 86,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With assets of $792 billion (as at April 30, 2014), Scotiabank trades on the Toronto (TSX: BNS) and New York (NYSE: BNS) Exchanges. Scotiabank distributes the Bank's media releases using Marketwired. For more information please visit www.scotiabank.com.

BACKGROUNDER: REGIONAL BREAKOUTS

BOOMERS' CONCERN ABOUT OUTLIVING MONEY IN RETIREMENT

----------------------------------------------------------------------------
Total              Atlantic      Quebec     Ontario    Prairies        B.C. 
----------------------------------------------------------------------------
44%                      43%         41%         48%         43%         43%
----------------------------------------------------------------------------

TOP 3 BOOMER PRIORITIES IN RETIREMENT

----------------------------------------------------------------------------
                         Total Atlantic   Quebec  Ontario Prairies     B.C. 
----------------------------------------------------------------------------
Maintaining a                                                               
 comfortable living         37%      40%      33%      40%      35%      43%
----------------------------------------------------------------------------
Keeping health and                                                          
 maintaining a healthy                                                      
 lifestyle/meeting                                                          
 health related needs       31%      26%      35%      32%      30%      23%
----------------------------------------------------------------------------
Travelling                  15%      18%      17%      12%      19%      15%
----------------------------------------------------------------------------

BOOMERS' RETIREMENT DIFFERENT THAN THEIR PARENTS

----------------------------------------------------------------------------
                         Total Atlantic   Quebec  Ontario Prairies     B.C. 
----------------------------------------------------------------------------
Are/will be more active                                                     
 than their parents in                                                      
 retirement                 62%      54%      64%      59%      64%      66%
----------------------------------------------------------------------------
Are/will be relatively                                                      
 better off financially                                                     
 than their parents         54%      49%      63%      50%      54%      46%
----------------------------------------------------------------------------
Will be retired for a                                                       
 longer period of time                                                      
 than parents               44%      37%      47%      39%      57%      39%
----------------------------------------------------------------------------
Are/will be healthier                                                       
 than your parents in                                                       
 retirement                 41%      39%      40%      42%      41%      42%
----------------------------------------------------------------------------

BOOMERS PLANNNG FOR FINANCIAL NEEDS IN RETIREMENT

----------------------------------------------------------------------------
                         Total Atlantic   Quebec  Ontario Prairies     B.C. 
----------------------------------------------------------------------------
Have done a great deal                                                      
 of planning                13%       7%      20%      12%       5%      15%
----------------------------------------------------------------------------
Have done quite a bit of                                                    
 planning                   39%      31%      52%      35%      36%      32%
----------------------------------------------------------------------------
Have done some planning     31%      42%      17%      36%      43%      28%
----------------------------------------------------------------------------
Have done very little                                                       
 planning or none at all    15%      19%       9%      16%      14%      25%
----------------------------------------------------------------------------

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
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
This talk centers around how to automate best practices in a multi-/hybrid-cloud world based on our work with customers like GE, Discovery Communications and Fannie Mae. Today’s enterprises are reaping the benefits of cloud computing, but also discovering many risks and challenges. In the age of DevOps and the decentralization of IT, it’s easy to over-provision resources, forget that instances are running, or unintentionally expose vulnerabilities.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Everywhere we turn in our industry we can find strong opinions about the direction, type and nature of cloud’s impact on computing and business. Another word that is used in every context in our industry is “hybrid.” In his session at 20th Cloud Expo, Alvaro Gonzalez, Director of Technical, Partner and Field Marketing at Peak 10, will use a combination of a few conceptual props and some research recently commissioned by Peak 10 to offer a real-world consideration of how the various categories of...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, will motivate why realizing the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insigh...
When NSA's digital armory was leaked, it was only a matter of time before the code was morphed into a ransom seeking worm. This talk, designed for C-level attendees, demonstrates a Live Hack of a virtual environment to show the ease in which any average user can leverage these tools and infiltrate their network environment. This session will include an overview of the Shadbrokers NSA leak situation.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
As enterprise cloud becomes the norm, businesses and government programs must address compounded regulatory compliance related to data privacy and information protection. The most recent, Controlled Unclassified Information and the EU’s GDPR have board level implications and companies still struggle with demonstrating due diligence. Developers and DevOps leaders, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by in...