Since the Oscars are coming up, Edward Jones recently asked investors to think about which award-winning movie titles reflect their retirement saving habits.
And as it turns out, few Canadians will reach superstar status by the time they retire, says the poll.
Read: Most worried about retirement
In fact, more than half of those polled (53%) admit they won’t have saved enough to carry on their desired lifestyles. Out of four winning movie title options, they chose As Good as It Gets (33%), meaning they’ll only save as much as they can, and Gone with the Wind (20%), saying they’re not saving much at all for retirement.
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A smaller portion chose either Million Dollar Baby (8%) to reflect they’re already set to retire, or Bound for Glory (22%) since they expect to live comfortably after they stop working.
The rest of those polled (17%) said they aren’t sure how well they’re saving.
There’s uncertainly across all age groups, adds the survey. That’s because people between the ages of 18 and 34 aren’t saving at all (31%), while Canadians older than 55 (15%) say they aren’t yet set for retirement. Further, about 40% of those in between (people between the ages of 35 and 54) haven’t tackled saving either.
If your clients are struggling, says Edward Jones, book a meeting to review their retirement goals and savings strategies. Also, encourage them to invest their tax returns an RRSP or TFSA.
For more tips, read:
How to preserve clients’ nest eggs
4 ways to maximize income today
Canadians more confident about personal finances
Couples disagree on retirement planning