Two Surveys: Understanding and Managing Retirement Risks in Canada and the United States

December 2012

Prepared by

Ruth Helman
John Christie

Description

The Society of Actuaries has surveyed the U.S. retiree and pre-retiree populations every other year since 2001 regarding their understanding and management of post-retirement risks. In 2010 the Canadian Institute of Actuaries conducted a similar survey, providing a potential opportunity to gain additional insights into both the Canadian and U.S. populations by comparing the findings.

This paper examines the similarities and differences in the results of the two surveys. The most important overall finding is that the results are very similar in both countries. The comparison shows that Canadian respondents exhibit somewhat higher levels of concern about retirement risks and report relying on somewhat different strategies to manage those risks. In addition, Canadian and U.S. respondents differ slightly in how they foresee the needs associated with the different stages of retirement.

In both Canada and the U.S., many commentators have identified important gaps in financial literacy. The two studies that are examined in this report relate to public perceptions and knowledge about post-retirement risk. The results of the studies should be considered in the context that substantial gaps in financial literacy exist in both countries.

Material

Two Surveys: Understanding and Managing Retirement Risks in Canada and the United States 

Questions or Comments?

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