||Investor Education Fund study finds that while most Canadians over 34 years of age turn to advisors for information, a significant number also search online to learn how to reach “financial security” in retirement. — Download the summary of findings. |
Toronto, ON, February 09, 2010 – Preparing for retirement these days is more about attaining “financial security” than it is about “financial freedom”, according to the second wave of the Investor Education Fund’s landmark study into how Canadians learn about financial matters. The study also shows that most Canadians older than 34 years of age turn to advisors to learn how to reach that financial security they want in their retirement years.
While financial freedom may be less critical than financial security, focus groups in this phase of the study suggest the idea of “freedom” to choose how you spend your time is really the heart of what retirement means to them. Three-quarters of the internet panel group surveyed for this portion of the study agree with this statement: “The thing I like best about retirement is that I get to decide what I do with my time.”
This phase of the larger study of Canadians 20 years if age and older looked at Canadians in three life stages: has a retirement plan; has set a retirement date; and recently retired. While the research shows 70 percent in all three life-stages select advisors as the preferred source of information about financial matters, the Internet is also source of information for a significant number. Forty percent of this age group search online for financial information.
For those 35 years and older who use online sources, experts discussing strategies is cited as the most helpful online tool. This is followed by examples that can be adapted, checklists to follow, financial calculators and text pages that give full explanations. All types of online information become less popular the older the age group. This is especially true of financial calculators.
Download the summary of Findings about Canadians age 20 to 34, about Canadians 34 and over, and a comparative review of the findings for both groups
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