New CIBC polls reveal anxieties about
retirement planning; nearly half worry about outliving retirement
savings
TORONTO, Feb. 26,
2025 /CNW/ - CIBC today revealed new poll
findings that signal a significant shift in how Canadians approach
retirement, as two-thirds of those surveyed (66%) say that recent
economic changes, including rising inflation and an increased cost
of living, have made them adjust their retirement plans.
Of those polled, more than 70% anticipate working in their
retirement, either through a phased or semi-retired approach. With
nearly half of Canadians expressing worry about outliving their
retirement savings, retirees are looking for ways to save more for
retirement, but also during their retirement by cutting back on
planned travel or leisure activities, reassessing investment
strategies to account for economic changes, and adjusting their
retirement budget to spend less.
"Many Canadians worry about the cost of living today, but those
close to retirement worry about how higher costs will affect their
finances tomorrow, knowing they will be on a more fixed income,"
said Carissa Lucreziano,
Vice-President, Financial Planning and Advice at CIBC. "Working
with a financial advisor now can help you reach your ambitions in
retirement, and poll findings show that there is an increase in
demand for financial advice, with three quarters considering or
currently using financial advisors."
Findings from recent Retirement Planning and Investing Polls
highlight a growing reliance on diversifying funding sources,
including TFSAs, RRSPs, mutual funds, individual stocks and HISAs.
The findings also show a trend towards seeking financial advice
from multiple channels, including digital platforms – 66%
are using online investment management tools, and 53% shared
that they have engaged with social media groups or blogs dedicated
to financial/retirement planning. Findings indicate a growing
interest in exploring digital options for financial advice, with
newcomers showing the greatest interest in digital financial
planning tools.
As CIBC continues to support Canadians in their financial
journeys, these polls demonstrate the need for tailored financial
solutions that address each individual's unique challenges. By
enhancing access to financial advice and digital tools, CIBC aims
to empower Canadians to navigate their financial futures with
confidence and make their ambitions a reality.
For more information about the polls and CIBC's commitment to
supporting Canadians, please visit CIBC's website.
Disclaimer
Retirement Poll: The findings are from an Ipsos poll conducted
between November 18 and November 25,
2024, on behalf of CIBC. For this survey, a sample of 1,500
Canadians aged 18+ were interviewed online. Sample was sourced from
the Ipsos panel. Weighting was employed to balance demographics to
ensure that the sample's composition reflects that of the adult
population according to Census data and to provide results intended
to approximate the sample universe. The precision of Ipsos online
polls is measured using a credibility interval. In this case, the
poll is accurate to within ± 3.1 percentage points, 19 times out of
20, had all Canadians been polled. The credibility interval will be
wider among subsets of the population.
Investing Poll: The findings are from an Ipsos poll conducted
between December 26, 2024, and
January 2, 2025, on behalf of CIBC.
For this survey, a sample of 1,500 Canadians aged 18+ were
interviewed online with a boost of 150 newcomers. Sample was
sourced from the Ipsos panel. Weighting was employed to balance
demographics to ensure that the sample's composition reflects that
of the adult population according to Census data and to provide
results intended to approximate the sample universe. The precision
of Ipsos online polls is measured using a credibility interval. In
this case, the poll is accurate to within ±3.1 percentage points,
19 times out of 20, had all Canadians been polled. The credibility
interval will be wider among subsets of the population. The
Newcomer boost excluded from the sample of 1,500 Canadians.
About CIBC
CIBC is a leading North American financial institution with 14
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets, CIBC offers a full
range of advice, solutions and services through its leading digital
banking network, and locations across Canada, in the
United States and around the world. Ongoing news releases and
more information about CIBC can be found
at www.cibc.com/ca/media-centre.
SOURCE CIBC
