Economic News/Trends and Analysis — February 4, 2010

Canadian Investors Plan to Retire On Time: Scotiabank Study

- Nearly three-quarters of Canadian Investors have not changed the age at which they plan to retire

TORONTO, Feb. 4 /CNW/ - According to a recent Scotiabank study assessing Canadian investors' attitudes toward investing, 73 per cent of Canadian investors surveyed say the age at which they plan to retire has not changed despite the uncertain economic and market conditions of the past two years. However, among the 22 per cent of Canadian investors who are pushing back their retirement date due to the economy, well over half (56 per cent) are those closer to retirement age (45-64).

"It's encouraging to see that the majority of Canadian investors have not changed their retirement plans, which indicates that they remained invested during 2009 and stuck to their long-term plans," said Beverley Moir, Senior Wealth Advisor, ScotiaMcLeod. "Those who remained focused on the long-term likely benefited from the strong market rebound that occurred during the latter half of 2009 allowing them to recover from the downturn that began in 2008."

The average Canadian investor plans to retire at the age of 61 with half (49 per cent) saying they plan to retire before the age of 65, up from 43 per cent in 2008. Also, the number of Canadian investors who say they do not plan to fully retire has reduced by half (five per cent in 2009 vs. 10 per cent in 2008).

"To achieve their retirement goals, Canadian investors need to ensure they have a balanced portfolio that includes long-term growth assets," said Ms. Moir. "Many investors are sitting on the sidelines in cash, bonds or GICs; however, the current historic low interest rates will not provide the growth needed for many to reach their set retirement goals.

"Now is the perfect time for Canadians to review their retirement plan to ensure they are on the right track to making their retirement dreams a reality," concluded Ms. Moir.

TNS Canadian Facts (www.tns-cf.com) is one of Canada's most prestigious full-service marketing, opinion and social research organizations. TNS, who recently merged with Research International, is the world's largest custom research agency delivering actionable insights and research-based business advice to its clients so they can make more effective business decisions. TNS offers comprehensive industry knowledge within the Consumer, Technology, Finance, Automotive and Political & Social sectors, supported by a unique product offering that stretches across the entire range of marketing and business issues, specializing in product development & innovation, brand & communication, stakeholder management, retail & shopper, and qualitative research. Delivering best-in-class service across more than 70 countries, TNS is part of the Kantar Group. Please visit www.tnsglobal.com for more information.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 68,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With more than $496 billion in assets (as at October 31, 2009), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For further information: Robyn Harper, Scotiabank Public Affairs, (416) 933-1093, robyn_harper@scotiacapital.com

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