BMO Financial Group

BMO Financial Group

May 29, 2012 14:37 ET

Media Advisory: BMO Experts Available to Comment on Latest Canadian Census Data

TORONTO, ONTARIO--(Marketwire - May 29, 2012) - According to the latest 2011 Canadian Census data released today, the country's population is aging rapidly with the Boomer generation entering retirement age in large numbers.

The census revealed that between 2006 and 2011:

  • The 60-64 age group grew 29 per cent - the fastest growing age group in Canada
  • The number of seniors - those aged 65 and over - rose 14 per cent and is now sitting at around five million (the highest number of seniors ever)
  • Those of working age (aged 15-64) grew by only 5.7 per cent

BMO has industry leading personal finance and retirement planning experts available to provide insight and commentary on the census data. Furthermore, BMO's survey results related to boomers and retirement planning include:

Debt in Retirement

  • Over half of Canadians expect to carry a mortgage into their retirement years (51 per cent)
  • More than three-quarters of Canadians aged 50 to 59 own their homes; almost half carry a mortgage
  • For those aged 60 to 69, 75 per cent own their homes and more than a quarter still have a mortgage

Financial Preparedness

  • 41 percent of Boomers cannot identify the correct tax effect of making a withdrawal from a Registered Retirement Income Fund (RRIF)
  • Recent changes to Old Age Security benefits have caused many to be concerned about their retirement income, however only seven per cent of Canadians consider a good retirement pension plan to be the most important factor, compared to salary (47 per cent) and flexible work arrangements when considering a job offer
  • More women than men are reaching the age of 100 and, despite the fact that women are less financially prepared for retirement, they are more likely to enjoy their retirement than their male counterparts
  • More than one-third of Canadians are not confident in their ability to save for retirement

Estate Planning

  • Three-quarters of Boomers are aware of the need for a power of attorney, however less than two-thirds (59 per cent) have actually put one in place
  • Only one-third of Canadians have made provisions in their estate plan for their aging parents for whom they provide care
  • Despite an increasingly older population in Eastern Canada, Victoria B.C. is the top location Boomers plan to settle in upon retirement

Please feel free to contact BMO Media Relations to speak with BMO expert Tina Di Vito, Head, BMO Retirement Institute, who can put Canada's latest census numbers in perspective.

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