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Retirement Planning - Canada - May 2018

“Women are less confident about their retirement finances so messaging centred on emotional connections to money will likely resonate with them and encourage them to be proactive about retirement planning.”
– Sanjay Sharma, Senior Financial Services Analyst

This report looks at the following issues:

  • Some 6% of Canadians have more than $1 million in retirement savings
  • Around one in three has discussed retirement planning with an advisor
  • Money and health are the top reasons for retirement worries
  • Around two in five Canadians expect to be financially secure in retirement
  • One in five 25-34s looking for specialized retirement planning help

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Table of contents

  1. Overview

      • Definition
        • Regional classifications
          • Income
            • Glossary
            • Executive Summary

                • The issues
                  • Some 6% of Canadians have more than $1 million in retirement savings
                    • Figure 1: Amount of retirement savings, March 2018
                  • Around one in three has discussed retirement planning with an advisor
                    • Figure 2: Retirement planning activities performed, March 2018
                  • Money and health are the top reasons for retirement worries
                    • Figure 3: Retirement worry factors, March 2018
                  • Around two in five Canadians expect to be financially secure in retirement
                    • Figure 4: Retirement lifestyle attitudes (select), March 2018
                  • One in five 25-34s looking for specialized retirement planning help
                    • Figure 5: Retirement planning attitudes (select), March 2018
                  • The opportunities
                    • Retirement planning solutions for women
                      • Figure 6: Retirement worry factors (any agree), by gender, March 2018
                    • Young and old have different concerns
                      • Figure 7: Retirement worry factors (select), 18-44s vs over-45s, March 2018
                    • LGBTQs are more worried about retirement
                      • Figure 8: Retirement worry factors, March 2018
                    • What it means
                    • Market Factors – What You Need to Know

                      • Net worth of Canadians continues to climb steadily
                        • Diminished capacity among seniors is a consequence of an aging population
                          • Immigration drives Canada’s population growth
                            • Household debt and home prices biggest risk to Canadian economy
                            • Market Factors

                              • Financial snapshot of Canadians
                                • Net worth of Canadians continues to climb steadily
                                  • Net worth highest in British Columbia
                                    • Asset increases driven by the value of homes
                                      • Implications of the data
                                        • Improved financial health means more room for investing
                                          • Figure 9: Perception of financial health, January/February 2015-18
                                          • Figure 10: How extra money is spent (selected categories), 2018 vs 2017, January 2018
                                        • Immigration drives Canada’s population growth
                                          • Figure 11: Population growth by numbers, 1985-2016
                                        • Canada will become increasingly diverse, opening opportunities for retirement planning marketers
                                          • Diminished capacity among seniors a consequence of aging population
                                            • Figure 12: Canadian population, by age, 2016
                                          • Household debt and home prices biggest risk to Canadian economy
                                          • Key Players – What You Need to Know

                                            • New partnership gives mutual-fund dealers in Canada greater access to ETFs
                                              • Segregated funds will be subject to disclosure framework similar to mutual funds
                                                • Scotiabank is buying investment firm Jarislowsky Fraser for $950 million
                                                  • CSE aims to be Canada’s first blockchain platform for trade clearing and settlement
                                                    • Regulators raise concerns about some wealth management firms
                                                      • Wealthsimple teams up with global Fintech firm
                                                        • Toronto Stock Exchange Operator to Launch Cryptocurrency Brokerage Platform
                                                        • Industry Developments and Innovations

                                                          • New partnership gives mutual-fund dealers in Canada greater access to ETFs
                                                            • Segregated funds will be subject to disclosure framework similar to mutual funds
                                                              • Market volatility prompts calls for clear labelling of risky ETFs
                                                                • CSE aims to be Canada’s first blockchain platform for trade clearing and settlement
                                                                  • Scotiabank is buying investment firm Jarislowsky Fraser for $950 million
                                                                    • Regulators raise concerns about some wealth management firms
                                                                      • Great-West courts Millennials with program to tackle student debt and save for retirement
                                                                        • RBC and others join the robo-advisory bandwagon
                                                                          • Wealthsimple teams up with global Fintech firm
                                                                            • Toronto Stock Exchange operator to launch cryptocurrency brokerage platform
                                                                            • Marketing Campaigns

                                                                              • Wealthsimple looks on the bright side
                                                                                • Figure 13: Wealthsimple investing for humans advertisement, April 2018
                                                                              • Coinsquare campaign a first in cryptocurrency
                                                                                • Figure 14: Coinsquare: Do Digital Currency Right advertisement, April 2018
                                                                            • Selected campaigns from Mintel Comperemedia

                                                                              • BMO InvestorLine offers cash-back for wealthy investors
                                                                                • Figure 15: BMO InvestorLine online ad, March 2018
                                                                              • TD upgrades its online investing platform
                                                                                • Figure 16: TD Direct investing online ad, March 2018
                                                                            • The Consumer – What You Need to Know

                                                                              • Some 6% of Canadians have more than $1 million in retirement savings
                                                                                • Around one in three have discussed retirement planning with an advisor
                                                                                  • Money and health are the top reasons for retirement worries
                                                                                    • Around two in five Canadians expect to be financially secure in retirement
                                                                                      • LGBTQ community significantly less likely to feel financially secure about retirement
                                                                                      • Affluence and Ownership

                                                                                        • Some 6% of Canadians have more than $1 million in retirement savings
                                                                                          • Figure 17: Amount of retirement savings, March 2018
                                                                                        • Around three in five Canadians have a RRSP/RRIF
                                                                                          • Figure 18: Ownership of retirement products, March 2018
                                                                                        • Product ownership trends higher with age
                                                                                          • Figure 19: Ownership of retirement products, by age, March 2018
                                                                                        • Chinese Canadians have a higher ownership
                                                                                          • Figure 20: Ownership of retirement products (select), Chinese Canadians vs overall population, March 2018
                                                                                        • Men more likely to have more than a million in retirement savings
                                                                                          • Making women more engaged in financial planning
                                                                                            • Figure 21: Amount of retirement savings, men vs women, March 2018
                                                                                          • Retirement savings strongly correlate with age
                                                                                            • Figure 22: Amount of retirement savings, by age, March 2018
                                                                                        • Retirement Planning Activities

                                                                                          • Around one in three has discussed retirement planning with an advisor
                                                                                            • Figure 23: Retirement planning activities performed, March 2018
                                                                                          • Older and affluent Canadians are more prolific in terms of retirement planning
                                                                                            • Figure 24: Retirement planning activities performed, by age, March 2018
                                                                                            • Figure 25: Retirement planning activities performed, by retirement savings levels, March 2018
                                                                                          • Men more proactive in retirement planning
                                                                                            • Figure 26: Retirement planning activities performed, March 2018
                                                                                          • Chinese Canadians more keen
                                                                                            • Figure 27: Retirement planning activities performed (select), Chinese Canadians vs overall, March 2018
                                                                                          • LGBTQs less likely to have retirement planned
                                                                                            • Figure 28: Retirement planning activities performed, LGBTQs vs overall, March 2018
                                                                                        • Worry Factors

                                                                                          • Money and health are the top reasons for retirement worries
                                                                                            • Figure 29: Retirement worry factors, March 2018
                                                                                          • Women more worried about most factors except spending time
                                                                                            • Figure 30: Retirement worry factors, men vs women, March 2018
                                                                                          • Retirement planning solutions for women
                                                                                            • Figure 31: Retirement worry factors (any agree), by gender, March 2018
                                                                                          • Investment performance worries are lower among the least affluent savers
                                                                                            • Figure 32: “I worry about the performance of my retirement investments (% any agree), by savings, March 2018
                                                                                          • Young and old have different concerns
                                                                                            • Figure 33: Retirement worry factors (select), 18-44s vs over-45s, March 2018
                                                                                          • LGBTQs are more worried about retirement
                                                                                            • Figure 34: Retirement worry factors, LGBTQ vs overall population, March 2018
                                                                                        • Retirement Lifestyles

                                                                                          • Around a quarter of Canadians prefer to work after 65
                                                                                            • Figure 35: Retirement lifestyle attitudes (select), March 2018
                                                                                          • Higher income earners more likely to agree travel will be their main post-retirement cost
                                                                                            • Most Canadians not expecting to be taken care of by their families
                                                                                              • Around two in five Canadians expect to be financially secure
                                                                                                • Figure 36: Retirement lifestyle attitudes (select), March 2018
                                                                                              • 55-64s more likely to know how they are going to spend retirement time
                                                                                                • LGBTQ community significantly less likely to feel financially secure about retirement
                                                                                                • Income Planning

                                                                                                  • One in five 25-34s looking for specialized retirement planning help
                                                                                                    • Figure 37: Retirement planning attitudes (select), March 2018
                                                                                                  • Chinese Canadians more likely to use RRSPs as their main source
                                                                                                    • Women over 45 more likely to use home equity
                                                                                                      • Around one in four feels they are on track to retire at 65
                                                                                                        • Figure 38: Retirement income planning attitudes (select), March 2018
                                                                                                      • 55-64s less likely to find it hard to save for retirement
                                                                                                        • Younger Canadians less inclined to prioritize saving for retirement
                                                                                                          • Figure 39: “I prefer to use my money for things other than saving for retirement” (% any agree), by age, March 2018
                                                                                                      • Appendix – Data Sources and Abbreviations

                                                                                                        • Data sources
                                                                                                          • Consumer survey data
                                                                                                            • Abbreviations and terms

                                                                                                            Retirement Planning - Canada - May 2018

                                                                                                            US $4,395.00 (Excl.Tax)