Canadians aged 25 to 34 fear that they will have to work longer into their golden years, according to a new poll commissioned by Edward Jones. This is a concern that has increased over the past four years – in 2006, 28 per cent of Canadians aged 25 to 34 listed this as their top fear about retirement, while today 40 per cent say this is their top fear.
A similar trend can be seen in the U.S. In 2006, only 15 per cent of Americans aged 25 to 34 listed having to work longer as their number one retirement fear, while now nearly one-fourth (23%) list this as their top fear.
"The recession has been a wake-up call for many investors – especially those that are still early in their careers," says Sucharita Maitra, principal, retirement planning, Edward Jones. "Many fear that they will have to work longer to supplement their savings making retiring at 65 a pipe dream, a worry that has become even more pronounced since the recession. I can't stress enough the importance of starting to save early to avoid having to work longer."
"Quelling fears about retirement comes back to planning and preparation," says Maitra. "Developing a financial strategy early and sticking to it will assist in calming those worries and allow young Canadians to finish the rat race in record time."
The Canadian survey results are based on a telephone survey of 1,005 nationally representative adults between October 28 and 31 by Harris/Decima. A sample of this size will provide results that can be considered accurate within plus or minus 3.1 per cent, 19 times out of 20.
The U.S. survey results are based on a telephone survey of 1,008 nationally representative adults between October 28 and 31 by Caravan. A sample of this size will provide results that can be considered accurate within plus or minus 3.1 per cent, 19 times out of 20.
Edward Jones is a full-service investment dealer with one of the largest branch networks in Canada.