What's Funding Your Future? Canadians relying on RRSPs for retirement but not necessarily contributing: Scotiabank Poll

What's Funding Your Future? Canadians relying on RRSPs for retirement but not 
necessarily contributing: Scotiabank Poll 
--  One third of Canadians planning to retire have pushed back 
    their planned retirement age. 
TORONTO, Feb. 5, 2013 /CNW/ - With the RRSP contribution deadline just four 
weeks away, Scotiabank's annual Investment Poll found that two-thirds of 
Canadians who plan to retire say their RRSPs will be their source of 
retirement funding (65 per cent), yet half of Canadians say they do not plan 
to contribute to their RRSPs this tax season (49 per cent). 
"We want to encourage as many Canadians as possible to consider contributing 
to an RRSP and take advantage of this important investment opportunity as part 
of their overall financial plan," Mike Henry, Senior Vice President, Retail 
Payment, Deposits and Lending, Scotiabank. "It is a bit worrying that people 
might be relying on investments that they have yet to make. Even making small 
contributions every month or year can really help your plans down the line." 
In addition to their RRSPs, top sources of retirement funding for Canadians 
include their savings (60 per cent), the government (57 per cent), work 
pension (52 per cent) and selling their home (22 per cent). 
Two-thirds of those who expect to retire say they are concerned about not 
having enough money to support their retirement (68 per cent). 
Four in ten of those who expect to retire in the future (41 per cent) think 
they will need less than $300,000 for their ideal retirement. Over the past 
five years, Canadians say they have saved an average of $24,469 (this is down 
from the $31,824 they reported saving over a five year period in 2011). 
The study also found that four-in-ten Canadians who are currently saving for 
retirement (44 per cent) have been doing so for the past 1-10 years. As well, 
more people are setting aside less than $200 each month (43 per cent vs. 34 
per cent in 2011). 
"As I like to tell my pre-retirement clients, there is no one dollar amount 
that you'll need for your retirement as every person's idea of retirement is 
unique," said Bev Moir, Senior Wealth Advisor, Retirement Planning at 
ScotiaMcLeod. "The key is to start investing early, invest regularly and 
stay invested. Having a financial plan in place to help you map out what you 
can do throughout the year is a simple way to stay on track and look forward 
to making that all-important RRSP contribution worry-free. From automatic 
contributions to your RRSPs to choosing financial products that help you save 
as you spend, a financial advisor can help you develop a plan to suit your 
lifestyle." 
Additional findings from the study found that while many Canadians say they 
are optimistic about the future of the Canadian economy (46 per cent), a 
growing number of Canadians who have yet to retire say they have pushed back 
their planned retirement age because of the state of the economy (33 per cent 
vs. 27 per cent in 2011). 
The majority of those planning to hold off on retiring say they have pushed 
their retirement back by 5-9 years (58 per cent). A smaller group of Canadians 
say they plan to push it back by 10 or more years (27 per cent). 
About the polling data
The 2012 Scotiabank Investment Poll was conducted online using Harris/Decima's 
proprietary panel. A total of 1,003 surveys were conducted from a random 
sample of panel members aged 18 years and over across Canada. The study was 
conducted from November 28th to December 13th, 2012. 
About Scotiabank 
Scotiabank is one of North America's premier financial institutions and 
Canada's most international bank. With more than 81,000 employees, Scotiabank 
and its affiliates serve some 19 million customers in more than 55 countries 
around the world. Scotiabank offers a broad range of products and services 
including personal, commercial, corporate and investment banking. In December 
2012, Scotiabank became the first Canadian bank to be named Global Bank of the 
Year and Bank of the Year in the Americas by The Banker magazine, a Financial 
Times publication. With assets of $668 billion (as at October 31, 2012), 
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more 
information please visit www.scotiabank.com. 
BACKGROUND INFORMATION: 
Plan to Contribute to RRSP for 2012 Tax Year 
 _____________________________________________________________________
|Plan to contribute|Total|                            Region          |
|to RRSP for 2012  |     |____________________________________________|
|tax year          |     |Atlantic|Quebec|Ontario|Man/Sask|Alberta|BC |
|__________________|_____|________|______|_______|________|_______|___|
|Yes               | 39% |   34%  |  37% |   44% |   32%  |   46% |34%|
|__________________|_____|________|______|_______|________|_______|___|
|No                | 49% |   54%  |  54% |   42% |   57%  |   46% |52%|
|__________________|_____|________|______|_______|________|_______|___|
|Don't know        | 12% |   12%  |   9% |   14% |   11%  |   8%  |14%|
|__________________|_____|________|______|_______|________|_______|___| 
Funding For Ideal Retirement 
 _____________________________________________________________________
|How much needed   |     |                            Region          |
|for ideal         |Total|____________________________________________|
|retirement        |     |Atlantic|Quebec|Ontario|Man/Sask|Alberta|BC |
|__________________|_____|________|______|_______|________|_______|___|
|Less than         |  65%|   57%  |  77% |   59% |   74%  |   52% |66%|
|$1,000,000 (NET)  |     |        |      |       |        |       |   |
|__________________|_____|________|______|_______|________|_______|___|
|  Less than       |  41%|   48%  |  49% |   39% |   39%  |   21% |40%|
|$300,000          |     |        |      |       |        |       |   |
|__________________|_____|________|______|_______|________|_______|___|
|  $300,000 -      |  24%|   10%  |  28% |   21% |   35%  |   30% |26%|
|$999,999          |     |        |      |       |        |       |   |
|__________________|_____|________|______|_______|________|_______|___|
|$1,000,000 -      |  22%|   38%  |  16% |   24% |   16%  |   28% |15%|
|$1,999,999        |     |        |      |       |        |       |   |
|__________________|_____|________|______|_______|________|_______|___|
|$2,000,000 or more|  14%|    5%  |   7% |   17% |   10%  |   20% |18%|
|__________________|_____|________|______|_______|________|_______|___|
|                  |Total|Atlantic|Quebec|Ontario|Man/Sask|Alberta|BC |
|Where money will  |     |        |      |       |        |       |   |
|come from         |     |        |      |       |        |       |   |
|                  |     |        |      |       |        |       |   |
|__________________|_____|________|______|_______|________|_______|___|
|Your RRSP         |  65%|   69%  |  55% |   72% |   67%  |   65% |56%|
|contributions     |     |        |      |       |        |       |   |
|__________________|_____|________|______|_______|________|_______|___|
|Savings           |  60%|   52%  |  56% |   67% |   48%  |   65% |55%|
|__________________|_____|________|______|_______|________|_______|___|
|Government        |  57%|   53%  |  51% |   61% |   60%  |   59% |57%|
|__________________|_____|________|______|_______|________|_______|___|
|Work Pension      |  52%|   61%  |  47% |   54% |   62%  |   45% |47%|
|__________________|_____|________|______|_______|________|_______|___|
|Sell home         |  22%|   31%  |  23% |   22% |   19%  |   24% |21%|
|__________________|_____|________|______|_______|________|_______|___|
|Inheritance       |  22%|   10%  |  15% |   28% |   17%  |   19% |24%|
|__________________|_____|________|______|_______|________|_______|___|
|Investment        |  15%|   20%  |  14% |   15% |    8%  |   30% |11%|
|property          |     |        |      |       |        |       |   |
|__________________|_____|________|______|_______|________|_______|___|
|Lottery           |   7%|   10%  |   6% |   7%  |    5%  |   8%  |9% |
|__________________|_____|________|______|_______|________|_______|___|
|Equity in home    |   4%|    6%  |   2% |   3%  |    9%  |   8%  |2% |
|__________________|_____|________|______|_______|________|_______|___| 
Patty Stathokostas P: 416 866 3625 E:patty.stathokostas@scotiabank.com 
SOURCE: Scotiabank 
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CO: Scotiabank
ST: Ontario
NI: FIN ECOSURV  
-0- Feb/05/2013 11:00 GMT