CANADIANS HOPING TO HIT THE JACKPOT FOR RETIREMENT
By Adnews Staff
Although most Canadians plan on financing their retirement with RRSPs, 11% of Canadians are hoping to hit the jackpot for some of their retirement income, according to a survey done by Compas Inc. The study was commissioned by the Canadian Imperial Bank of Commerce. Thirty-eight per cent believe they don't have enough savings to maintain the lifestyle they had envisioned for their retirement. Residents from British Columbia are most likely to count on a lottery win to fund their retirement, followed by Ontario and Atlantic Canada. Residents in the prairie provinces, Alberta and Quebec are less dependent on the luck of the draw. Three out of four Canadians buy lottery tickets and more than half have been trying their luck for more than 10 years. For those who are already retired, their financial situation has worsened over the last year. A CIBC poll conducted in the fall found 20% of retired Canadians felt financially better off than they did in 1997, this compares to 26% in 1997. Forty nine per cent of Canadians plan to invest in RRSPs this year, while almost 45% will not. Over half of lump sum RRSP contributions are made in February, while 19% contribute in early February and 26% dashes to his bank in late February. Seven per cent line up at the bank on the last legal day.