Many Canadians not saving for retirement

1 in 3 leaving retirement to chance, especially women: Survey
By Anastasiya Jogal
||Last Updated: 02/18/2015

Only 39 per cent of Canadians have put money toward retirement savings in 2014, according to an RBC poll.

Although Canadians are living longer, almost one-third have not started saving for retirement at all, despite the 61 per cent who are in agreement that one of their top concerns is running out money by age 100.

"There are aspects of your retirement that you may not have control over — your health is one example — but you can help ensure you are better prepared for whatever your retirement years hold, by planning for a number of different scenarios," says Richa Hingorani, senior manager, RBC financial planning.

"There are so many options available and you may be underestimating the possibilities if you don't take the time to have a conversation about your future with a financial planner."

Women specifically are not prepared for retirement, found the poll. Seventy-five per cent of women compared to 62 per cent of men don’t have a retirement savings goal. Two-thirds said they have not done any retirement planning whatsoever.

Thirty-nine per cent of women don’t own RRSPs compared to 31 per cent of men. Furthermore, forty-four per cent don’t own a company pension plan compared to 38 per cent of men.

While planning for retirement can often fall to the back of the to-do list, it is easy and does not take a lot of time out of your day, said Hingorani.

"Retirement planning doesn't have to be time-consuming. Taking even an hour or two with a financial planner can get you started and help ensure your post-career lifestyle is one you choose, rather than one which happens by chance."

The poll was conducted in November and 3,205 people were surveyed online.

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