Poll finds majority 45-plus worried about saving for retirement in today’s economy
TORONTO, Oct. 27, 2011 /CNW/ – Over 54% of respondents age 45-plus have concerns about the economic uncertainty and how it may affect their retirement savings, according to a poll conducted recently by Sun Life Financial with its new partner CARP, a 350,000-member organization supporting a new vision of aging for Canada.
Over 5,400 CARP members responded over a two-day period to this poll on their attitudes towards retirement planning in today’s climate. The overall uncertainty in the economy weighs heavily on their minds, with a majority confirming they are anxious about saving enough.
When it comes to retirement planning, the survey also found:
– Over 33% worry about losing money due to market downturns.
– Over 30% fear unexpected events that create extra expenses.
– Despite concerns, over 69% are confident that they have a plan to maintain their lifestyle in retirement.
– Over 30% are concerned about keeping their lifestyle and believe their plan needs some work.
This poll marked the first joint initiative under this exclusive partnership between CARP and Sun Life Financial, which is now CARP’s recommended financial services partner. This partnership will bring the organization’s 350,000 members access to Sun Life Financial advisors and services such as financial advice, retirement planning, and estate planning.
“These poll results reflect some concerns that we are hearing from our clients in the 45-plus age bracket about the economic challenges,” said Kevin Dougherty, President, Sun Life Financial Canada. “Now more than ever, it is critical to ensure you have the right plan to save enough for your retirement. At Sun Life, we have a team of over 3,000 advisors across Canada with their finger on the pulse to help Canadians achieve lifetime financial security.”
Both CARP and Sun Life Financial have initiatives underway to help Canadians start planning sooner for their retirement. Sun Life Financial has a leading wealth business that focuses upon the needs of the retirement market. To continue to meet these needs, Sun Life Financial has grown its offerings of high-quality mutual funds through Sun Life Global Investments (Canada) Inc., providing better access and more choice to customers.
Sun Life Financial is also committed to playing a leadership role in Quebec, where Isabelle Hudon, Sun Life Financial’s Quebec President, was recently recognized by the Consumer Choice Award as businesswoman of the year in Montreal. She is looking forward to working with CARP, as the organization has growth plans for Quebec and across Canada.
CARP President and ZoomerMedia Limited Founder and CEO, Moses Znaimer, said they wanted to partner with a national financial services company built on a strong foundation.
“Generally speaking CARP members are living longer and better than ever. Many have planned or are mindful about the need to plan for their complete, or semi, retirement; but are concerned about the world situation’s impact on their savings and the possibility of outliving their money. That’s why we’ve been extremely careful about selecting our financial services partner. So we looked long, we looked hard, and we finally found Sun Life Financial, a company with a 140-year history and tremendous and trusted coverage of advisors across Canada,” said Znaimer.
Moses Znaimer and Kevin Dougherty spoke further about the new poll findings in these audio clips:
They also spoke about the new partnership:
* The Sun Life Financial and CARP Poll was conducted from October 18 – 20, 2011. Over 5,400 CARP members responded to a survey emailed to 76,000 members.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda.
As of June 30, 2011, the Sun Life Financial group of companies had total assets under management of $474 billion. For more information please visit www.sunlife.com.
CARP is a national, non-partisan, non-profit organization committed to a ‘New Vision of Aging for Canada’ promoting social change that will bring financial security, equitable access to health care and freedom from discrimination. Their mandate is to promote and protect the interests, rights and quality of life for Canadians as they age. For more information, please visit www.carp.ca.
About ZoomerMedia Limited
ZoomerMedia is a multimedia company that serves the 45plus “Zoomer” demographic through television, radio, magazine, internet and trade shows. ZoomerMedia’s television properties include; VisionTV, Canada’s only multi-faith specialty television service; ONE: the Body, Mind & Spirit Channel, offering programs on exercise, meditation, yoga, natural health and living a planet-friendly lifestyle; Joytv 10 in Vancouver and Joytv 11 in Winnipeg, two conventional television stations, available over the air and on cable in their respective markets. ZoomerMedia’s radio properties include CFMZ-FM Toronto – The New Classical 96.3FM, CFMX-FM Cobourg – The New Classical 103.1FM, Canada’s only commercial classical music radio stations serving the Greater Toronto Area (GTA) and eastern Ontario, and CFZM-AM 740 Toronto – The New AM740 Zoomer Radio, the last music service left on the AM dial in the GTA. ZoomerMedia also publishes Zoomer Magazine, the largest paid circulation magazine in Canada for the 45plus market. ZoomerMedia is Canada’s leading provider of online content targeting the 45plus age group through several properties, the key one being www.50plus.com. ZoomerMedia also has a trade show division that conducts annual consumer shows directed to the 45plus age group and owns ideaCity, an annual Canadian conference also known as ‘Canada’s Premiere Meeting of the Minds’.
Photo: Moses Znaimer, President, CARP, and Founder and CEO, ZoomerMedia Limited, and Kevin Dougherty, President, Sun Life Financial, Canada, announce partnership and a poll showing majority concerned about economy impacting their retirement savings. (CNW Group/Sun Life Financial Inc.)