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.
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