While many Canadians are saying they’re prioritizing their financial wellness this year, they haven’t talked about discussing retirement planning with a professional.

 

That’s according to CIBC, which states only five per cent of respondents plan to have such a conversation this year.

 

Here, Vice President of Financial and Investment Advice Carissa Lucreziano [Loo-creh-see-ah-no] shares why this may be the case.

 

“One is Canadians feel planning for the future can be overwhelming. About 44 percent believe that saving for retirement can be complicated. The second theme is many competing priorities; day to day responsibilities may get in the way from finding time to reflect on prioritizing and setting goals, to connect with an advisor to start to create that plan. And lastly, many Canadians are focused on short term goals like paying off debt, maybe a home renovation or thinking about an overdue holiday as opposed to planning for the long term like retirement or setting up an education fund.”

 

Lucreziano adds doubts about retirement were more common among women, with more than a third of respondents not knowing how much saving they need before they retire and 32 per cent don’t know what age they’ll retire.

 

For more on the results, listen to Thompson Today at 12:40 and 5:10 this afternoon.