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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%
----------------------------------------------------------------------------

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