Retirement planning declines in importance: Survey
Retirement planning is no longer among the top three when it comes to the financial priorities of Canadians, according to a poll released by CIBC.
Over the last three years of the survey, respondents identified the following as their top financial priorities:
|
2013 |
2012 |
2011 | |
|
Paying down debt |
17% |
17% |
14% |
|
Building savings |
10% |
10% |
10% |
|
Managing day-to-day spending, budgeting |
8% |
14% |
12% |
|
Retirement planning |
7% |
11% |
13% |
Age groups where retirement planning was traditionally a top priority have now shifted to a focus on debt reduction. Two years ago, 24 per cent of respondents aged 45 to 64 named retirement planning as their top financial priority, compared to just 12 per cent in this year's survey.
At the same time, debt management increased as a priority from 14 per cent two years ago to 18 per cent today for this age group, found the survey of 2,009 adults.
Financial priorities for 2013 by age
|
Age bracket |
Paying |
Retirement |
|
18-24 |
12% |
0% |
|
25-34 |
24% |
5% |
|
35-44 |
28% |
4% |
|
45-54 |
21% |
11% |
|
55-64 |
13% |
13% |
|
65+ |
7% |
4% |
Top financial priorities for 2013 by region
|
Paying |
Building |
Managing |
Retirement | |
|
National |
17% |
10% |
8% |
7% |
|
Atlantic Canada |
20% |
10% |
8% |
7% |
|
Quebec |
14% |
6% |
5% |
7% |
|
Ontario |
19% |
11% |
9% |
6% |
|
Manitoba and |
19% |
11% |
10% |
6% |
|
Alberta |
19% |
11% |
6% |
8% |
|
British Columbia |
17% |
14% |
9% |
9% |
