A recent survey shows most Canadians are ill-prepared financially for their golden years with many hoping to win a lottery to help fund retirement

Many Canadians hope to win the lottery to fund retirement


A recent survey conducted for BMO Financial Group, revealed some surprising results about Canadian planning for retirement.

The question of where the money will come from to fund a comfortable retirement, and how much you will need, is a complex one.  It’s been made more complex as people are living longer, and generally enjoying better health longer. Adding to those factors is the reality of ever-increasing prices.

BMO’s annual Registered Retirement Savings Plan study, seeks to find out what Canadians plans are for their retirement and how well they are, or aren’t, prepared for life after retirement.

The annual survey showed that most Canadians feel they’ll have to take a part-time job after retirement to help with their financial situation.

Almost 90% of respondents said they will rely on the federal Canada Pension Plan (CPP), or for those in Quebec, the Quebec Pension Plan (QPP) to cover their needs. Some 31% said they will rely “heavily” on these plans, even though the average monthly payout is less than $600.

34-percent hope to win the lottery-

The study showed that outside the CPP/QPP payments, 88% plan to use savings from registered retirement plans, or tax-free savings accounts.

A spokesman for BMO financial said chance of winning the lottery are 1 in 14 million. © CBC

Another 59% feel they will also have to work at part-time jobs while  49% planned to sell their home or property to help fund retirement

What is surprising however, is the 28% are hoping for support from their children. Some 40% expected inheritance to cover retirement in whole or part.

But perhaps the most surprising is that 34% of respondents said they hoped to win the lottery. Some 14% said they were relying heavily on a lottery win to finance their golden years.

After seeing the results of the survey, Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group, said, “To those hoping to win the lottery to fund their retirement, the odds of actually winning are approximately 1 in 14 million. A much better bet would be to develop a personal retirement savings and investing plan and to start contributing as early and as often as possible to your RRSP”

Posted in Economy, Society

Do you want to report an error or a typo? Click here!

@*@ Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

 characters available

Note: By submitting your comments, you acknowledge that Radio Canada International has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Radio Canada International does not endorse any of the views posted. Your comments will be pre-moderated and published if they meet netiquette guidelines.

Netiquette »

When you express your personal opinion in an online forum, you must be as courteous as if you were speaking with someone face-to-face. Insults and personal attacks will not be tolerated. To disagree with an opinion, an idea or an event is one thing, but to show disrespect for other people is quite another. Great minds don’t always think alike—and that’s precisely what makes online dialogue so interesting and valuable.

Netiquette is the set of rules of conduct governing how you should behave when communicating via the Internet. Before you post a message to a blog or forum, it’s important to read and understand these rules. Otherwise, you may be banned from posting.

  1. RCInet.ca’s online forums are not anonymous. Users must register, and give their full name and place of residence, which are displayed alongside each of their comments. RCInet.ca reserves the right not to publish comments if there is any doubt as to the identity of their author.
  2. Assuming the identity of another person with intent to mislead or cause harm is a serious infraction that may result in the offender being banned.
  3. RCInet.ca’s online forums are open to everyone, without regard to age, ethnic origin, religion, gender or sexual orientation.
  4. Comments that are defamatory, hateful, racist, xenophobic, sexist, or that disparage an ethnic origin, religious affiliation or age group will not be published.
  5. In online speak, writing in ALL CAPS is considered yelling, and may be interpreted as aggressive behaviour, which is unpleasant for the people reading. Any message containing one or more words in all caps (except for initialisms and acronyms) will be rejected, as will any message containing one or more words in bold, italic or underlined characters.
  6. Use of vulgar, obscene or objectionable language is prohibited. Forums are public places and your comments could offend some users. People who use inappropriate language will be banned.
  7. Mutual respect is essential among users. Insulting, threatening or harassing another user is prohibited. You can express your disagreement with an idea without attacking anyone.
  8. Exchanging arguments and opposing views is a key component of healthy debate, but it should not turn into a dialogue or private discussion between two users who address each other without regard for the other participants. Messages of this type will not be posted.
  9. Radio Canada International publishes contents in five languages. The language used in the forums has to be the same as the contents we publish. The usage of other languages, with the exception of some words, is forbidden. Messages that are off-topic will not be published.
  10. Making repetitive posts disrupts the flow of discussions and will not be tolerated.
  11. Adding images or any other type of file to comments is forbidden. Including hyperlinks to other websites is allowed, as long as they comply with netiquette. Radio Canada International  is in no way responsible for the content of such sites, however.
  12. Copying and pasting text written by someone else, even if you credit the author, is unacceptable if that text makes up the majority of your comment.
  13. Posting any type of advertising or call to action, in any form, to Radio Canada International  forums is prohibited.
  14. All comments and other types of content are moderated before publication. Radio Canada International  reserves the right to refuse any comment for publication.
  15. Radio Canada International  reserves the right to close a forum at any time, without notice.
  16. Radio Canada International  reserves the right to amend this code of conduct (netiquette) at any time, without notice.
  17. By participating in its online forums, you allow Radio Canada International to publish your comments on the web for an indefinite time. This also implies that these messages will be indexed by Internet search engines.
  18. Radio Canada International has no obligation to remove your messages from the web if one day you request it. We invite you to carefully consider your comments and the consequences of their posting.


One comment on “Many Canadians hope to win the lottery to fund retirement
  1. Jack says:

    This is unbelievable and a little frightening. The problem, and it is a pretty basic problem, is that almost everyone will need to retire at some point. The obvious question being, if almost 1 in 3 Canadians plan on winning the lottery to finance their retirement, what will they do when they don’t win, and make no mistake most will not. I have been using an iPhone app for a while now that helps me plan for my retirement. It’s called the 5 Minute Retirement Plan and it has really helped. You can download it from the app store. Would recommend…