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Boomer concern about debt reduction soars: RBC retirement
study
RBC Introduces retirement transition program to help boomers
address their financial and lifestyle priorities
TORONTO, May 7, 2009 — According to a new RBC
retirement study the percentage of Canadian boomers who say
reducing debt is a top financial priority has doubled in the
past six months to 62 per cent, up from 31 per cent.
"Many Canadian boomers are juggling multiple financial
priorities, particularly in light of recent market volatility
and economic conditions," said Lee Anne Davies, head,
Retirement Strategies, RBC. "Our study found that while
boomers are focused on reducing debt, the majority (61 per
cent) also remain committed to saving for retirement. To help
address both these priorities, clearly define your goals,
understand your options, consider how the unexpected might
impact your lifestyle and develop a realistic plan of action."
According to the study, half of boomers (50 per cent) say
their view of their retirement has changed as a result of
the current economy. One-in-four (26 per cent) say they may
have to work longer than they expected. One-in-five boomers
(20 per cent) believe they may not be able to live the lifestyle
they thought they would in retirement and 14 per cent say
they will need to do more retirement planning.
"When it comes to retirement planning, the five years
leading up to retirement are crucial," said Davies. "While
saving money is important, retirement planning is also about
envisioning your future and the retirement lifestyle you want
to lead. That's why we introduced Your Future by Design®:
The Learning Series, an interactive program to help clients
prepare for retirement from a financial and lifestyle perspective."
Your Future by Design: The Learning Series, Retirement
Transition is a 75-minute, hands-on workshop, hosted by
RBC's Investment & Retirement Planners, to help boomers
prepare both before and throughout their retirement. This
innovative approach provides clients with a holistic view
of retirement combining both financial and lifestyle planning
for key areas in life, including family, health, home, lifestyle,
work/business, mind and spirit, and legacy.
Fast Facts:
The top five places boomers turn to for financial information:
- Professional financial advisors (50 per cent)
- Newspapers, magazines or television (39 per cent)
- Information or newsletters from financial institutions
(23 per cent)
- Open to advice, anywhere from anyone (23 per cent)
- Family or friends (19 per cent)
About the RBC Retirement Study
The RBC Retirement Study was conducted by Ipsos Reid from
April 9 to 14, 2009. This online survey of 1,028 Canadians,
including 518 boomers between the ages of 50-69, was conducted
via the Ipsos I-Say Online Panel, Ipsos Reid's national online
panel. The results of this poll are based on a sample where
quota sampling and weighting are employed to balance demographics
and ensure that the sample's composition reflects that of
the actual Canadian population according to Census data. Quota
samples with weighting from the Ipsos online panel provide
results that are intended to approximate a probability sample.
Statistical margins of error are not applicable to online
polls, however, an unweighted probability sample of this size,
with a 100 per cent response rate, would have an estimated
margin of error of ±3.05 percentage points, 19 times
out of 20, had the entire adult population of Canada been
polled. The estimated margin of error for the boomer sub-sample
would be ±4.3 percentage points, 19 times out of 20.
To find out more about how RBC can help build a blueprint
for the future, visit www.rbc.com/yourfuture
or call
1-866-335-4055.
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Media contacts:
Sarah Pendrith, RBC Wealth Management, 416-974-8820
Jackie Braden, Media Relations, 416-974-2124
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