6 out of 10 Canadians concerned about their retirement given the recent stock market downturn

Montreal, 18 October 2011 - 

A special survey carried as part of the National Bank Retirement Index1 shows that the plunge in stock markets since June has shaken Canadians' confidence regarding their retirement. When asked “Would you say that the recent market conditions have affected your level of confidence towards retirement?”, 60% of respondents said yes. Moreover 64% of Canadians age 50-64 said they were worried, as did 69% of 18-34-year old respondents.

"Retirement remains without a doubt a big cause for concern for all Canadians," stated Patrice Delisle, Senior Manager – Retirement Strategy, National Bank.   "The recent market downturn has only heightened the pressure on investors. Some are planning to save more to make up for the losses in their capital, while others are opting to put off their planned retirement date," he explained.

Canadians' reactions to the recent bear market vary dramatically from one age group to another. Young Canadians (age 18-34) plan to take more action, as the following results show:

 

Age

 

 18-34

 35-49

 50-64

 65-79

- Make no changes to their retirement
planning

28%

34%

39%

62%

- Save more money to offset the losses
in their assets' value

43%

30% 

12% 

11%

- Put off their planned retirement date

22%

16%

21%

2%

The survey also reveals that more than one Canadian in five aged 50 to 64 plans to delay their scheduled retirement.

To learn more about various aspects of retirement, conferences presented by National Bank experts are open to the public until December 2011.
 To check the conference schedule, please contact your branch. For more information on the National Bank Retirement Index and the various retirement analysis tools offered by National Bank, go to www.nbc.ca/retirement.

About National Bank of Canada
National Bank of Canada 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 over $153 billion in assets and, together with its subsidiaries, employs 19,217 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. To access National Bank’s financial education portal, visit www.clearfacts.ca.

1 Survey of 1,565 respondents across Canada conducted by Saine Marketing for National Bank from May 20 to June 6, 2011, with 1,504 additional respondents across Canada from August 11 to 16, 2011.

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

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