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What Do Millennials and Boomers Have in Common? Both Cohorts Are Actively Saving for Retirement
Annual Scotiabank Investment Survey Shows That 56% of Millennials and 61% of Boomers Are Saving for Their Future
TORONTO, ON--(Marketwired - April 27, 2016) - Scotiabank's annual investment survey reveals that 65% of Canadians are actively saving for retirement. A substantial percentage of both "Generation X" Canadians (74%) and the "Sandwich Generation" (73%) are currently saving for their post career years. The poll also reveals similarities between Canadians 55 years and older and Canadians aged 18-34, with majority of Boomers (61%) saving for retirement and just over half of Millennials (56%) following close behind.
The 2016 survey highlights that as Canadians approach retirement age, the average amount they expect they will need to fund their retirement increases. Canadians aged 35-44 responded that they will need on average $653,148, while Canadians aged 45-54 projected more, an average of $719,043. Following the trend, those 55 years old and above expect to need $840,702 to live comfortably after they stop working full time. Millennials broke this pattern, with their expectations aligning more closely with Boomers. According to the survey, those aged 18-34 anticipate needing an average of $778,346.
Developing a financial plan early, including determining realistic financial goals is crucial to reaching financial stability in retirement. According to the Survey, nearly two-thirds of future retirees (65%) say they are concerned about not having enough money to support their retirement.
Quotes:
"At Scotiabank, we encourage our customers to invest early and often. The earlier Canadians start to invest and the longer they leave their money invested, the greater the potential results. But it's never too late to start. Scotiabank Financial Advisors will help customers build a financial plan customized to their unique circumstances. Goals and financial situations can change over time and we encourage all Canadians at every life stage, whether they are just starting their career or about to retire, to meet with a financial advisor to build and review their own unique plan for saving for the future, a plan that is tailored to their short- medium and long-term needs."
Ahmad Dajani, Vice President, Retail Deposits and Investments at Scotiabank
"A customer's investment preferences and risk tolerance can vary depending on the individual's situation, and in uncertain markets customers may need help with their investment decision-making. Just completing her first year of university, my eldest daughter is set to start her first summer job. As part of this process, we have already discussed the benefits of starting to invest early. I've shared with her that Scotiabank offers a variety of investment solutions, to help her grow her savings, protect her capital as her investment needs change through her lifetime, and ultimately to plan for income in retirement."
Neil Macdonald, Managing Director, Scotia Asset Management at Scotiabank
Millennials and the Boomer generation are also closely aligned when it comes to their attitudes around investing and saving; with 34% of both demographics considering themselves both savers and investors (34% of the Sandwich Generation also considered themselves both savers and investors). However, according to the Survey, while the average Canadian begins to save around the age of 26, most do not begin to invest until closer to 30, citing entering the workforce and parental encouragement as the main reasons to begin investing.
Additional Survey Details:
One quarter (25%) of survey respondents said that they expected to retire from the workforce between the ages of 65 and 69.
Another 20% said that they planned to retire between the ages of 60 and 64.
Nearly one in ten Canadians (8%) said that they do not plan to retire from the workforce.
For more information about Scotiabank's investment options, visit a local Scotiabank branch to speak with an Advisor or visit www.scotiabank.com/investing.
About the polling data:
Scotiabank calculations are based on an online survey conducted by Harris Poll for Scotiabank among 1,026 panel members focusing on their saving and investment patterns, attitudes and behaviours. Data was collected from December 18 through December 31, 2015.
About Scotiabank:
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 89,000 employees and assets of $920 billion (as at January 31, 2016), Scotiabank trades on the Toronto (BNS.TO) and New York Exchanges (BNS.TO). Scotiabank distributes the Bank's media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.
