TD Waterhouse Poll Finds Big
Gender Gap in Plans to Live Abroad in
Retirement
- "Snowbird Survey" finds women more concerned
than men about living abroad in retirement
- Access to health care coverage is a key factor for men and
women
- TD Waterhouse and TD Canada Trust launch
www.tdretirement.com
TORONTO, Oct. 6 - A new national
poll released today by TD Waterhouse on the retirement plans of
Canadian baby boomers has uncovered significant differences between
men and women concerning their appetite to spend time living
abroad. For both genders, however, health care coverage is the
biggest factor in their decision to spend time outside of Canada
each year.
Among all respondents, 45% say they will spend one
month or more out of the country annually when they retire.
However, significantly more men (52%) than women (37%) say they
will do so. The survey goes on to explore 15 factors that might
influence the decision to spend time living abroad in retirement.
For each factor, women are more concerned than men - and on several
factors, women are significantly more concerned. For example:.
- 91% of women worry about being able to afford living outside of
Canada vs. 77% of men
- 81% of women are worried about being away from family or
friends vs. 65% of men
- 67% of women are concerned about getting into a retirement home
when they need it vs. 49% of men
- 48% of women are concerned about being lonely away from home
vs. 33% of men
- 81% of women are concerned about their personal safety and the
crime rate in foreign countries vs. 72% of men
"Clearly women and men hold different views
about living abroad in retirement, particularly whether or not they
can afford it. This can be a big problem when couples are planning
their retirement together," says Patricia Lovett-Reid,
Senior Vice-President, TD Waterhouse. "It is very important
for couples to have a discussion well in advance and work with a
financial professional to develop a retirement plan. Having a plan
will not only alleviate some of the concerns but will also help
couples align their goals."
Factors Impacting Decision to Live Abroad During Retirement:
Less than one-in-five of all respondents plan to live outside
Canada for more than three months a year and only 16% plan to buy a
home outside the country. Their plans are comparable to an extended
vacation rather than a long-term or permanent move abroad.
Access to health care is the leading factor in Canadians' decision
to spend time abroad each year, with 94% of respondents citing it
(72% say it is very important, 22% say somewhat important). Concern
about the quality of health care outside Canada comes next, with
84% citing it (53% say it is very important, 31% say somewhat
important). On both access to health care and quality of health
care, women's responses are similar to men's, although somewhat
more pronounced.
Only one-quarter of respondents say they have taken the time to
investigate, either on their own or through talking to a financial
professional, the financial or tax implications of living outside
Canada. "With our winters, it's understandable that many
Canadians want to spend some time abroad in retirement. Yet
relatively few have discussed the implications with a financial
professional," says Lovett-Reid. "For example, if
concerns about losing health care coverage is putting a damper on
how long Canadians will live abroad each year, there may be
solutions that provide sufficient coverage outside the country -
thereby allowing people to stay abroad longer without
worry."
Other Findings:
- Among those who plan to spend one month or more outside Canada
each year, half (51%) indicate it is because they want to be in a
warmer climate. One-third (34%) say it is because they want the
different life experience that living abroad will give them.
- 84% would rent outside Canada vs. 16% who would purchase a home
abroad.
- The desire to spend one month or more abroad declines from west
to east: West 49%, Ontario 47%, Quebec 39%, and Atlantic Canada
32%.
- The vast majority (87%) intend to remain Canadian citizens when
they retire, 13% would seek dual citizenship if it were available,
and none would relinquish their Canadian citizenship.
TD Waterhouse, with TD Canada Trust, also announced
today the launch of www.tdretirement.com, an interactive resource
for retirement education, awareness and advice. The site offers a
fresh look at retirement planning by offering Canadians strategies
for meeting lifestyle and financial goals for retirement.
"Life goals and financial goals go hand in
hand. That's why it's so important to think about what you really
want out of retirement," concludes Lovett-Reid. "If
you expect to travel or live abroad annually, having a retirement
plan will go a long way in making your dreams a reality. And if
you're looking for an excellent resource to help you plan for the
lifestyle you want during retirement, www.tdretirement.com is a
great place to start." Conducted by Angus Reid Strategies,
the TD Waterhouse "Snowbird Survey" consists of
1000 online interviews completed between September 10-15, 2008 with
Angus Reid Forum panelists aged 50-65 from across Canada. The
poll's margin of error is +/-3.1%, 19 times out of 20.
About TD Bank Financial
Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Financial Group. TD Bank Financial Group is the
seventh largest bank in North America by branches and serves
approximately 17 million customers in four key businesses operating
in a number of locations in key financial centres around the globe:
Canadian Personal and Commercial Banking, including TD Canada
Trust; Wealth Management, including TD Waterhouse and an investment
in TD Ameritrade; U.S. Personal and Commercial Banking through TD
Banknorth and Commerce Bank (to be known together as TD Bank); and
Wholesale Banking, including TD Securities. TD Bank Financial Group
also ranks among the world's leading on-line financial services
firms, with more than 5.5 million on-line customers. TD Bank
Financial Group had CDN$509 billion in assets as of July 31, 2008.
The Toronto-Dominion Bank trades on the Toronto and New York Stock
Exchanges under the symbol "TD", as well as on the
Tokyo Stock Exchange.
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