Over Half of Canadians Express Uncertainty About Retirement Finances – GfK Research

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Younger generations worried about post-career finances

TORONTO–(BUSINESS WIRE)–With Canada’s long-cherished retirement safety net seeming less sturdy
all the time, a new GfK study suggests that 56 percent of Canadians have
doubts about their ability to afford the life they want during
retirement.

In an August 2015 survey conducted online by GfK, over 23,000 people in
19 countries were asked how strongly they agree or disagree with the
statement “I am confident that I will have enough money to live the life
I want when I retire.” Globally, the countries surveyed echo feelings in
Canada, with 54% of respondents worldwide uncertain or concerned about
the state of their retirement finances. (These respondents answered
that they disagreed “strongly” or “somewhat” with the statement, or said
they “neither agree nor disagree.”)

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to view infographic.

Women more worried about retirement ?

The results show that Canadian women are slightly more pessimistic about
their retirement finances, with 57% saying they are unsure or not
confident, compared to 55% of Canadian men. This disparity is comparable
to levels GfK found across all 19 countries measured; globally, 57% of
women were uncertain or pessimistic, versus 52% of men. But Canadian
women were more likely to choose the two strongest negative answers
(“disagree somewhat” or “disagree completely”) – 39% for women, versus
30% for men.

Older age groups in Canada are more likely to say they not sure or lack
confidence in being able to afford their ideal retirement – but the
younger generations are not far behind. Over six in ten of the 40-to-49
(64%) and 50-to-59 (63%) age segments in Canada are unsure or no
confident they will have the funds they need, followed closely by the
20-to-29 (60%) and 30-to-39 groups (51%). These results are roughly in
line with the global averages in GfK’s study, though the 20-to-29 level
is notably high.

Click here
to view infographic.

Globally, consumers in Japan, Poland and France expressed the greatest
levels of doubt about their retirements, with 74%, 68% and 68%
(respectively) saying they are either uncertain or not confident about
their retirements. Alternatively, respondents in China (48%) and Spain
(45%) were least likely to express doubt about their retirement funding.

For more information on GfK’s international research into people’s
attitudes and behavior, please contact press@gfk.com

About the study

GfK conducted an online survey with over 23,000 consumers aged 15 or
older in 19 countries. Fieldwork was carried out over the summer 2015
and the data have been weighted to reflect the demographic composition
of the online population age 15+ in each market. The countries included
in this press release are Australia, Belgium, Canada, China, Czech
Republic, France, Germany, Hong Kong, Italy, Japan, Netherlands, Poland,
Russia, South Korea, Spain, Sweden, Turkey, UK and USA.

About GfK

GfK is the trusted source of relevant market and consumer information
that enables its clients to make smarter decisions. More than 13,000
market research experts combine their passion with GfK’s long-standing
data science experience. This allows GfK to deliver vital global
insights matched with local market intelligence from more than 100
countries. By using innovative technologies and data sciences, GfK turns
big data into smart data, enabling its clients to improve their
competitive edge and enrich consumers’ experiences and choices.

For more information, please visit www.gfk.com
or follow GfK on Twitter.

Contacts

GfK
David Stanton, 908-875-9844
Vice President,
Marketing
and Communications, Consumer Experiences North America
david.stanton@gfk.com