A new cross-border study reveals that Canadians have greater confidence and optimism regarding their ability to plan for retirement than do Americans.
The November survey, conducted by Leger Marketing on behalf of BMO Financial Group (Toronto, Ont.), polled of 1,520 Canadians and 1,032 Americans 18 years of age or older.
The survey finds that almost 60% of Canadians are confident in their ability to save for their “ideal retirement lifestyle.” By contrast, less than 40% Americans feel the same way.
Slightly more than two-thirds (71%) of Canadians are concerned about the performance of their Registered Retirement Savings Plan (RRSP), a 401(k)-like Canadian retirement savings plan. But almost 90% of U.S. residents express similar concerns about the performance of their 401K.
Additionally, the survey notes, half of Canadians and Americans say they have or may have to delay their retirement and/or work part-time during retirement due to a shortage of retirement savings
"Despite the effect that the 2008 global recession had on investors' abilities to save for retirement, the Canadian economy has fared significantly better than what's been seen in the U.S.,” says Tina Di Vito, head of the BMO Retirement Institute, in a prepared statement. “This has contributed to [Canadians’] more optimistic outlook.”