40 per cent concerned about their post-work
lifestyle goals, with close to a quarter unable to contribute to
retirement savings since COVID-19 began; CIBC hosting a free
webinar in November to address need for retirement advice during
the pandemic
TORONTO, Oct. 22, 2020 /CNW/ - A recent CIBC survey finds
that the pandemic has impacted Canadians' savings and their
anticipated lifestyle in retirement. Four out of 10 (40 per
cent) respondents worry about the effect of COVID-19 on
their savings and retirement plans, with almost a quarter (23
per cent) unable to contribute to their retirement nest egg
since the pandemic began.
Of those who feel COVID-19 has affected their retirement plans,
many feel their expected vision for their post-work lives has
changed. Almost a third (32 per cent) no longer plan on
travelling or will travel much less than planned. Many Canadians
also feel they will need to work longer than expected – for 30
per cent, this is due to a COVID-19-related loss of
household income, and for 26 per cent, they feel the
pandemic has significantly increased the cost of retiring.
Additionally, out of those who intended to downsize their primary
residence in their golden years, 40 per cent are now unsure
of the right time to make this move.
A higher number of men (68 per cent) say they feel
confident about managing investments in retirement, compared to
women (57 per cent). Women are also more likely to turn to
friends and family for retirement advice (25 per cent),
whereas many men (23 per cent) claim they make all decisions
about money matters on their own.
"This is a pivotal time to get advice about your ambitions for
retirement," said Laura
Dottori-Attanasio, Group Head, Personal and Business
Banking. "An expert can help re-assess your financial plan, create
new estimates for retirement income, identify ways to improve cash
flow and adjust timelines if needed to meet your overall
goals."
The survey also found:
- 26 per cent of those between the ages of 34-55 and 20
per cent of Canadians over the age of 55 have been unable to
contribute to retirement savings since the pandemic began
- Of those who feel COVID-19 has affected their retirement plans,
24 per cent say the pandemic has made them realize they can
live with less and will significantly reduce their discretionary
spending in the long-term
- Lessons Canadians say they've learned during the pandemic
include: there's a need to pay more attention to personal finances
(20 per cent); not to panic when markets get volatile (21
per cent); and it's important to save for retirement/their
future (19 per cent)
To help Canadians with retirement planning amidst the pandemic,
CIBC is hosting a free webinar (in English and French) featuring a
number of financial experts on November
3rd, 2020. For more information and to register,
visit the website here.
Disclaimer
From August 19th to August 21st
2020 an online survey of 3,032 randomly selected Canadian
adults who are Maru Voice Canada
panelists was executed by Maru/Blue. For comparison purposes, a
probability sample of this size has an estimated margin of error
(which measures sampling variability) of +/- 1.6%, 19 times out of
20. The results have been weighted by education, age, gender and
region (and in Quebec, language)
to match the population, according to Census data. This is to
ensure the sample is representative of the entire adult population
of Canada. Discrepancies in or between totals are due to
rounding.
About CIBC
CIBC is a leading North American financial institution with 10
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets businesses, CIBC offers
a full range of advice, solutions and services through its leading
digital banking network, and locations across Canada with
offices in the United States and around the world.
Ongoing news releases and more information about CIBC can
be found at www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC