Two thirds of immigrants to Canada are saving for retirement, finds a survey by BMO Wealth Management.
BMO WM looked at a variety of financial issues facing people who have moved to Canada fewer than 10 years ago.
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The study revealed new Canadians have saved an average of $98,600 for retirement, compared with an average of $45,902 that Canadians overall have in RRSPs.
When asked about their general views on retirement, new Canadians:
- Plan to retire, on average, at age 63 and feel they need $660,000 to fund their ideal retirement lifestyle. Canadians as a whole feel they need an average of $442,328 for retirement.
- Feel confident that they will be able to achieve their ideal retirement lifestyle (65%).
Kids as Additional Source of Support
When children of new Canadians were asked if their parents would require their help in retirement, the study found more than half (53%) anticipate having to help their parents financially or having their parents live with them in old age.
However, 58% of immigrant parents said that they don’t expect their children to help them fund their retirement — even if they need financial assistance — while only 31% said they do.