Canadian bank reveals another damning statistic

One of the Big Six is showing just how ill prepared Canadians are for life after work and what advisors must do to correct that.

Canadian bank reveals another damning statistic
A poll conducted by one of the big six shows Canadians woefully unprepared for life after work.
Ipsos Reid, on behalf of RBC Financial Planning, conducted its 25th annual RRSP Poll between November 3 and 17, 2014. Interviewing 3,205 Canadians online over 15 days, the poll results continue to demonstrate a blatant disregard for our financial future.
This retirement unpreparedness provides advisors with a glass that is definitely half full. With so few Canadians actually using an advisor combined with studies that show individuals with advisors tend to be wealthier on average than those without, the time is ripe for Canadians to jump on the advisor bandwagon.
Of the poll’s findings the most disturbing is that women are particularly unprepared for retirement. According to RBC, 75% of women don’t have a retirement savings goal (62% of men don’t), 60% don’t have a financial plan of any kind and 39% don’t own RRSP’s.
Probably the most damning statistic in 2014, whether we’re talking about men or women, is that 61% of those surveyed haven't put any money aside for retirement and 30% haven't even started saving for life after work.
“It can be easy for you to get caught up in your day-to-day lives and not focus as much on the future as you might want to,” says RBC representative Richa Hingorani. “Retirement planning doesn’t have to be time-consuming. Taking even an hour or two with a financial planner can get you started and help ensure your post-career lifestyle is one you choose, rather than one that happens by chance.”
While it’s possible that Canadians have become tone deaf to the message of retirement unpreparedness, it’s equally possible that they just haven’t found the right financial advisor to guide them.
So, what are you waiting for?