Retirees are leading the country in making budgets and sticking to them, according to a poll released today by CIBC (TSX:CM).
The poll, conducted by Harris-Decima, revealed that 43% of retirees feel they’re doing a good job at managing their personal budget, compared with just 25% of the rest of Canada.
According to the poll, 67% of retirees nationally have monthly budgets compared with 60% of the rest of Canadians. In B.C., 58% of retirees have monthly budgets.
Geoff Dillon, CIBC’s senior director, retail markets, said a core message in the poll’s findings is that savings can’t slip off of Canadians’ priority lists.
“Savings is always one of those things that I think we understand its importance, but sometimes it gets shuffled down the list of priorities a bit,” he said.
“I think sometimes what you see in a poll like this is [that] the money that you’re saving is really money you’re just going to pay back to yourself in retirement, which is just what these retirees are doing, so it’s important to keep it high on the priority list.”
Dillon stressed the importance of financial management not stopping at retirement.
“Retirement feels like it’s that goal at the end of the road and that’s what we’re trying to get to, and I think it’s important to remember that once you get there, there’s still work to be done on managing your income through retirement.”
Jenny Wagler
Twitter: JennyWagler_BIV