Canadians say “let’s call it retirement”, Investors Group poll finds
Just be careful who you call a “retiree”
Winnipeg – January 3, 2008: Canada’s boomer population may be redefining what retirement means but they don’t mind calling life after work exactly what it is. A new Investors Group survey found 91 per cent do not object to the use of the word “retirement.”
Likewise, three-quarters (75 per cent) couldn’t identify another word they prefer.
“Canadians are still comfortable using the word “retirement” especially as old-fashioned thinking about aging and quality of life is being replaced by a new outlook on what it means to be retired,” said Debbie Ammeter, Vice-President of Advanced Financial Planning at Investors Group. “Today, ‘retirement’ can encompass a diverse range of lifestyles and choices not typically associated with this period in life.”
While retirement may be widely recognized as the best word to describe life after work, opinions about being called a “retiree” vary widely with age.
Retired Canadians, for example, are quite receptive (92 per cent) to being called ‘retirees.’ On the other hand, Canadians, who are nearing traditional retirement years are less comfortable with the notion of being identified in this way. Less than half (45 per cent) per cent of those aged 55+ want to be called a “retiree.”
“Canadians chose their words carefully and their choices are a function of what stage they are in life,” said Ammeter. “Many Canadians in their middle years have started thinking about what their retirement will be like, but may not have a clear picture of how, exactly, it will unfold. This partially explains the hesitation this group has about describing themselves as “retirees.”
Younger Canadians who may not yet see retirement on the horizon are not as resistant to this label. Fifty-five per cent of those between the ages of 25 and 34 want to be called “retiree.” This percentage peaks at 59 per cent of those who are between the ages of 35-44. With the onset of middle age (45-years plus), Canadians increasingly object to being called “retiree.”
When working Canadians were asked if they would eventually refer to themselves as “working part-time” or “being semi-retired” (as they reduced their work week in anticipation of formal retirement), half (49 per cent) said they preferred the word ‘semi-retired.’
Canadians in mid-life are less likely to identify themselves as being semi-retired. Forty-five per cent of Canadians aged 55+ prefer the word “semi-retired,” a term favoured by a majority (54 per cent) of younger Canadians under the age of 35.
“Growing numbers of Canadians are choosing to reduce their work hours in the later years of their career, but they’re still very engaged in the workforce, not necessarily easing out,” said Ammeter. “Boomers want to be active and feel as though they are contributing. At the same time, they are expressing a desire for flexibility, freedom and wanting to do something different – on their own terms.”
Still, most Canadians can clearly identify the age at which they will “officially” retire from work. Nineteen per cent of Canadians plan to retire between the ages of 55 to 59; another 20 per cent plan to retire between the ages of 60 and 64. Thirty per cent say they will retire at age 65 or older. One in four Canadians (26 per cent) does not know when they will retire.
A total of 2,055 surveys were completed with Canadian adults between September 4th and September 13th 2007, using the Harris Decima online panel. A sample of 2,055 respondents provides estimated proportions that are accurate to within, at most, ± 2.2% at the 95% confidence level. That is, 95 times out of 100, the real value of the variable in the total population will lie within ± 2.2% of the estimated proportions provided by the sample. One time out of 20, the real value of the variable in the population will fall outside this range.
Investors Group, founded in 1926, is a national leader in delivering personalized financial solutions to Canadians through a network of over 4,300 Consultants located throughout Canada. In addition to an exclusive family of mutual funds and other investment vehicles, Investors Group offers a wide range of insurance, securities, mortgage and banking services. Investors Group is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada’s premier financial services companies with over $123 billion in total assets under management.
| For more information contact: | |
|---|---|
| Ron Arnst Media Relations (204) 956-3364 ron.arnst@investorsgroup.com |
Teresa Pagnutti Environics Communications (416) 969-2721 tpagnutti@environicspr.com |
