How confident are you about retirement? Find out with the National Bank Retirement Index. Canadians are concerned about their ability to achieve a retirement that meets their expectations.

Montreal, 23 September 2009 - 

The National Bank Retirement Index, a new retirement diagnostic tool exclusive to National Bank Financial Group, is now available. Its purpose is to help Canadians of all ages better position themselves for retirement and determine their own personal profile. Given that 6 out of 10 people who are not retired don't yet have a financial advisor, this tool clearly fulfills a vital need.

The National Bank Retirement Index, developed by wealth management experts at National Bank Financial Group and Saine Marketing, is based on a three-part survey1 that measures several variables. The results of the nine financial and nine personal retirement dimensions measured are then combined into a single score – the National Bank Retirement Index – that reflects respondents' level of concern and confidence regarding retirement. It's also possible for respondents to compare their own score with that of their age group.

"The National Bank Retirement Index was created in response to growing concern over financial markets and the ability of companies and government to respect their pension plan obligations. It's understandable when you consider that 83% of Canadians don't really have a retirement plan," stated Charles Guay, Senior Vice-President – Strategies, Marketing and Investment Solutions, Wealth Management at National Bank Financial Group.

This strategic initiative led to the creation of a user-friendly and interactive Web application, that allows individuals and businesses to assess their retirement needs. The What is my Retirement Index application is now online at www.nbc.ca/retirement. Everyone can access it, at their leisure and as often as they want, to determine their National Bank Retirement Index and use it to better understand, plan and, consequently, act to increase how confident they feel about their retirement, on both a financial and personal level.

"Once they have their score, individuals can then meet with our advisors to discuss the aspects of retirement they have qualms or questions about. The concept is simple and the solution, available to everyone. Thanks to its extensive network of close to 2,000 advisors, National Bank Financial Group is a key player in the field of retirement planning in Quebec," added Charles Guay.

1The approach used consisted of:

  • A preliminary phase to properly identify the issues.
  • A first survey of some 1,400 consumers in Quebec, carried out in March 2009.
  • A second survey outside Quebec of more than 1,000 respondents, carried out in September 2009.
  • A third survey, scheduled for the beginning of 2010, will be used to measure the change in the Retirement Index since the initial calculation.
  • When the surveys were carried out, the respondents did not know the name of the sponsoring financial institution. The average length of the interviews was 15 minutes.

Initial findings
The survey revealed some interesting information:

  • For respondents in all age groups, the importance of retirement was very high and exceeded their confidence level. In other words, all age groups indicated that they were very concerned about retirement but had little confidence in their ability to achieve a dream retirement that would meet their expectations. It is important to note that the confidence level among seniors (65 and over) was higher than for other age groups.
  • The level of confidence increased when respondents had a financial advisor and a personalized financial plan. Although 80% of Canadians believed that retirement planning should begin when individuals were in their twenties or thirties, only 33% had done so and 33% of the others had not yet started the retirement planning process.

The National Bank Retirement Index will be updated regularly and the findings for each age group will be communicated to the media and the public from time to time. We invite you to get your own score and obtain relevant information about retirement at nbc.ca/retirement by clicking on the "What is my Retirement Index" banner.  

About National Bank of Canada
National Bank of Canada, which is celebrating its 150th anniversary in 2009, is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has close to $135 billion in assets and, together with its subsidiaries, employs 17,772 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at www.nbc.ca.

Information (The telephone numbers provided below are for the exclusive use of journalists and other media representatives.):

Denis Dubé
Director – Public Relations
National Bank Financial Group
Tel.: 514-394-8644

Joan Beauchamp
Senior Advisor - Public Relations
National Bank Financial Group
Tel.: 514-394-6500