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.
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“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.
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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%).