While 72% of younger Canadians aged 18 to 34 say they owe it to their parents to keep them comfortable in retirement, 76%of their parents’ boomer generation doesn’t want their help, finds an RBC poll.
Part of the reason is that parents think their children’s generation faces more financial pressures (61%) and is less prepared for retirement (59%). And this is despite the fact that 37% of boomers say they haven’t saved enough for retirement.
“We’re seeing a strong desire among boomers for financial independence in retirement, coupled with uncertainty around how they will accomplish this goal,” notes Richa Hingorani, senior manager, Financial Planning Support, RBC Financial Planning.
Additional findings include:
- 36% of those aged 18 to 34 have an RRSP, compared to 67% of boomers;
- 48% of younger Canadians say that having enough savings is one of their top concerns in retirement, compared to 38% of boomers;
- younger Canadians are more worried about balancing immediate savings with long term/retirement savings than boomers (80%, versus 70% respectively); and
- more boomers (38%) are making one-time contributions to their RRSPs, compared to younger Canadians (18%).