Paul Martin's Business Update - June 3rd, 2014

Paul Martin's Business Update - June 3rd, 2014

The older you get, the lower your expectations.

That is the primary finding of a survey of Canadians on their retirement expectations conducted for CIBC. The bank’s inquiries determined that young people – those 18 to 24 – have the rosiest view of what retirement will look like in financial terms. Those who are about to or already have retired are the other end of the spectrum with the least optimistic perspective.

And the bloom comes off the rose fairly quickly. One-in-three in that 18 to 24 age category say they will live better in retirement than they do today. That figure drops in half – to 17 percent – among those in the next age category, 25 to 34.

This younger group may still believe in fairy tales or simply didn’t get any advice from their parents on the realities of retirement financial planning as 40 per cent of them have not started saving for the life after work. Given that time is your best friend in financial planning, these young people would do well to spend even a little time with a professional advisor.

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