Asked to identify where they need help in their retirement planning, 56% of Canadians say they need assistance when deciding which investments best suit their needs.
A survey of 1003 people aged 18 and over conducted by Pollara for BMO Global Asset Management in late January and early February revealed that more than half of Canadians also want help understanding how their retirement portfolios will react in certain markets (53%), making adjustments because of market conditions (53%), and ensuring portfolios are diversified (51%).
"It's understandable that so many Canadians are uncertain about how to manage their retirement nest eggs – effectively saving for retirement is an important component of your financial plan," comments BMO Global Asset Management vice president Robert Armstrong. "Taking into account market volatility, diversification and your risk tolerance is a lot to consider. With so many options available, it can be challenging to find the optimal balance."
The poll also asked about other financial areas where people believed they could use a helping hand. Respondents said they need aid in understanding how much money is needed to retire (51%), with estate planning (47%), and deciding when or if to downsize to a smaller home (22%).