VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 14, 2016) - Insights West, a leading Canadian market research firm, and Credential Financial, a national wealth management firm for credit unions and independent financial institutions, today released results from a recently conducted survey on retirement planning that showed many working Canadians are extremely ill-prepared for retirement. The online poll of a representative national sample further illustrated how retirees who had worked with a financial planner during their working years were in much better financial shape in retirement than those who did not.
The Canadians on Retirement survey revealed that while 42% of working Canadians "have a plan" for their retirement, 30% have not yet set aside any money for retirement. Data further shows this lack of preparation may stem from a belief that working Canadians believe they have longer to plan for retirement than they actually do. 62% of Canadian retirees say they retired earlier than expected. Further, 18% of retirees surveyed either find themselves having to continue working in retirement to support themselves and nearly a third enter retirement with more debt than they had anticipated.
"Helping Canadians achieve sustainable financial strength throughout their lives is Credential's vision," says Doce Tomic, President & CEO, Credential Financial. "This study clearly demonstrates that financial advisors are providing valuable financial advice to help Canadians plan for retirement, especially when they need it most."
The survey reinforced the value of working with an advisor or financial planner over the long-term. Of the 53% who had worked with a financial planner for ten or more years, 65% said their retirement is 'everything they thought it would be' and 77% said they have enough funds to 'sustain them through their retirement years'.
"It is evident that discussions with a financial planner play a big role in making Canadian retirees feel more secure in their retirement," says Mario Canseco, Vice President, Public Affairs, Insights West. "Canadian retirees who talked to a financial planner are more likely to have enough money and a lower debt burden than those who did not." About Insights West:
Insights West is a progressive, Western-based, full-service marketing research company. It exists to serve the market with insights-driven research solutions and interpretive analysis through leading-edge tools, normative databases, and senior-level expertise across a broad range of public and private sector organizations. Insights West is based in Vancouver and Calgary.
For the full report, click here.
About Credential Financial Inc.
Credential Financial is a national wealth management firm, with over 20 years of experience in the Canadian financial services industry, offering a full suite of products and services to 1,500 advisors and portfolio managers across Canada.
Credential and its member companies (Credential Asset Management, Credential Securities, Credential Correspondent Partners, Credential Direct, and Credential Insurance Services) provide MFDA and IIROC dealer services, trading and custodian services, online brokerage, and insurance solutions to approximately 200 credit unions and independent financial institutions.
About this Release:
Results are based on an online study conducted from October 19 to October 26, 2016, among representative samples of 403 Canadian adults who have retired and 704 Canadian adults who are still in the workforce. The data has been statistically weighted according to Canadian census figures for age, gender and region. The margin of error-which measures sample variability-is +/- 4.1 percentage points for the sample of retirees and +/- 3.7 percentage points for the sample of workers. Click here to view the detailed data tabulations: http://www.insightswest.com/wp-content/uploads/2016/12/Retirement_Canada_Tables.pdf