AXA Canada

AXA Canada

January 26, 2006 11:36 ET

AXA/According to a survey carried out in 11 countries: Retired Canadians are more likely to have an income-earning activity than their counterparts elsewhere, except in Japan

MONTREAL, QUEBEC--(CCNMatthews - Jan. 26, 2006) -

The quality of work done by people over 65 is appreciated

According to AXA Retirement Scope, a survey of 6,915 persons in 11 countries, retired Canadians are among the most likely to be engaged in an income-earning activity (14% of respondents), albeit not nearly as likely as the Japanese (40%). The least likely are the retired people in the United Kingdom and Germany (9%), Belgium and Spain (8%) and France (4%).

The results are not surprising, as Canadians are less opposed to increasing the legal retirement age than the citizens of most other countries. According to the survey, working Canadians, especially those in Quebec, oppose the idea, while retired Canadians are of two minds. The consensus retirement age limit is 67 in Canada, compared with 61 in the United States and 58 in Australia.

The perception of the age at which one is considered old probably works in retired Canadians' favour. As in the United States, Canadians, especially retired Canadians, feel old age comes relatively late in life (age 75). Canadian women are even more optimistic, claiming it comes at age 82. Interestingly, survey respondents in Hong Kong and Japan gave age 59 and 57 respectively in answer to this question. In the other countries surveyed, the answers ranged from age 71 to 75.

Appreciation of retired persons' quality of work

As in other Anglo-Saxon countries (Australia, the United States and the United Kingdom), Canadians are among the most convinced of the value of work done by persons over 65. Specifically, 90% of working Canadians and 92% of retired Canadians feel that persons age 66 and over can produce quality work. This is in sharp contrast with Germany, Italy and Spain, where respectively 66%, 69% and 70% of survey respondents share this perception.

Gap between working and retired people

Once again this year, AXA Retirement Scope noted a significant discrepancy between the hopes of working people and the reality of retired people the world over. If 58% of working Canadians hope to have some form of income-earning activity after retirement, the reality is a different story. In fact, only 14% of Canadians will continue to be engaged in an income-earning activity after age 65 (19% of men, 9% of women). By way of comparison, 31% of French working people anticipate having an income-earning activity after retirement while only 4% of retired people actually do.

AXA Retirement Scope

AXA Retirement Scope is an international survey designed to explore and understand people's attitudes toward retirement and to compare the image of retirement with the reality. The survey sample included 6,915 working and retired people in 11 countries and was conducted between July 14 and August 21, 2005, by a consortium of polling firms headed by GFK Group and represented in Canada by CROP. The following countries were involved: Australia, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, Spain, the United Kingdom and the United States. The overall survey results will be released in January 2006.

About AXA Canada

Present throughout Canada, AXA Canada offers a broad range of Property/Casualty and Life Insurance products and financial services to its clients through its 1,900 employees and 4,000 brokers and advisors. In 2004, AXA had revenues of C$1.3 billion and net earnings of C$84.4 million. AXA Canada is a member of the AXA Group, a world leader in financial protection, whose business is concentrated in the North American, Western European and Asia/Pacific markets. In 2004, the AXA Group had revenues of $116.7 billion and assets under management of $1.2 trillion.

For the overall survey results, please visit the website www.axa.ca.

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