Canadians Feel Responsible for Retirement Security

May 9, 2012 ( - When it comes to ensuring their financial security in retirement, Canadians overall believe that they are primarily responsible (59%).

Canadians also cited the government (19%), their employers (10%), another family member (8%) and their financial advisers (5%) as being responsible for ensuring their financial security in retirement, according to the latest RBC Canadian Consumer Outlook (RBC CCO).   

Canadians (61%) are more confident of their understanding of the retirement savings options available to them with almost half (45%) of Americans saying the same. However, only 29% of Americans and 36% of Canadians are confident that they will have enough money to have a secure retirement.   

Four in 10 (42%) Americans and 37% of Canadians are worried they will not have enough money saved to be financially secure. Consequently, more than one in four North Americans believe they will have to work past retirement age to make enough money to live, with slightly more Americans (29%) than Canadians (26%) believing this to be true. To address their concern about financial security in retirement, 34% of Canadians and 36% of Americans say they save a regular amount of money from each paycheck.   

In Canada, more than half (54%) of survey respondents said they did not have enough money to take advantage of all the savings options available to them, and 15% claim there are too many options available to make clear decisions on how to properly invest their money.