Boomers started 2011 with good intentions to put more away for retirement. However, as we enter the mid-point of the year, only 42% of those surveyed believe they are making good progress in building their savings so far in 2011.
In a recent CIBC poll conducted by Harris-Decima, 30% of respondents aged 45 to 64 felt they were doing a poor job of building their savings so far in 2011, including 17% who rate their progress as “very poor.”
In a survey of top financial priorities for Canadians in 2011, released by CIBC in January, boomers were the most likely to say that planning for their retirement was their top financial priority.
“While boomers have taken the important first step of identifying retirement as their top financial priority, some don’t feel confident about the progress they have made when it comes to building their savings so far in 2011,” said Christina Kramer, executive vice-president, retail distribution and channel strategy, with CIBC. “Savings is clearly a priority for Canadians who are approaching retirement, and seeing only half of Canada’s largest demographic with a regular savings plan in place suggests a significant opportunity for more boomers to start saving on a regular basis.”
Kramer said there is an also opportunity for those already saving regularly to ensure they review their plans on an ongoing basis.
“Even among boomers who have a regular savings plan in place, the financial strategy they created a number of years ago may need to be updated, including the amount they are putting away each month as they near retirement,” she added.