Welcome!

Web 2.0 Authors: Pat Romanski, Carmen Gonzalez, Liz McMillan, Victoria Livschitz, Lori MacVittie

News Feed Item

REPEAT-BMO Fourth Annual Valentine's Day RRSP Study: Canadian Couples at Odds on Who's the (Retirement Planning) Boss

- Both men and women in relationships think they are in charge of key retirement decisions

TORONTO, ONTARIO -- (Marketwired) -- 02/14/14 -- With Valentine's Day upon us, BMO has released its Fourth Annual Valentine's Day RRSP Study, which finds that Canadian couples are not on the same page in terms of who they feel is the lead decision maker on retirement planning issues. Further, while 87 per cent of those who are married or in a serious relationship reported that they have had a discussion with their partner about retirement, just a quarter have had a detailed discussion and fewer than half have covered key topics such as what their ideal retirement will look like and how they will achieve their retirement goals.

When asked who is the key decision maker on retirement-related issues, the study found that:


--  Men in a relationship are twice as likely to consider themselves the key
    decision maker compared to their partner (41 per cent think they are the
    boss, 15 per cent think their partner is the boss). 
--  However, women are also more likely to consider themselves the key
    decision maker compared to their partner (32 per cent think they are the
    boss, 19 per cent think their partner is the boss). 

The same holds true when asked who is more focused on saving for retirement:


--  Men in a relationship are twice as likely to consider themselves more
    focused on saving compared to their partner (42 per cent think they are
    more focused, 19 per cent think their partner is more focused). 
--  Women are also twice as likely to consider themselves to be more focused
    on saving compared to their partner (44 per cent think they are more
    focused, 21 per cent think their partner is more focused). 

"Our study has revealed that there's a clear disconnect with regards to who's taking the lead on retirement-related issues among Canadian couples" said Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group. "If both partners in a relationship feel they're calling the shots and they have different views, then there's going to be conflict at some point down the road. It's critical to communicate, be open to compromise and be prepared to talk frankly about financial issues, including your plans for retirement and how they'll be funded."

He said/She said - Who's the better retirement saver?

According to the study, there appears to be a lot of finger pointing among Canadian couples on retirement-related issues:


--  Men in a relationship are twice as likely to point a finger at their
    partner for spending too much money instead of saving for retirement (37
    per cent blame their partner, 23 per cent take ownership of the issue).
    Men are also twice as likely to blame their partner for not taking
    saving for retirement seriously (35 per cent blame their partner, 18 per
    cent take ownership). 
--  Women in a relationship are also more likely to accuse their partner for
    spending too much money instead of saving for retirement (36 per cent
    blame their partner, 25 per cent take ownership). Women are also twice
    as likely to blame their partner for not taking saving for retirement
    seriously (39 per cent blame their partner, 21 per cent take ownership).

The study also examined what Canadians think are the top reasons which could cause a couple to divorce; 68 per cent identified conflict over finances, ahead of infidelity (60 per cent) and disagreements about family (36 per cent).

"Money has the potential to be a source of tension and conflict for any couple, regardless of the amount they have," said Mr. Buttigieg. "While being open and honest with each other on financial matters is a good first step in building a happy fiscal union, it's also important to work together to develop a financial plan which takes into consideration your individual and joint goals and helps set the two of you up for a lifetime of financial, and marital, success."

Regional Breakdown


----------------------------------------------------------------------------
                                     % of couples   % of couples            
                       % of couples      who have       who have            
                       who have had discussed how discussed what            
          % of couples   a detailed     they will    their ideal % who think
              who have   discussion achieve their     retirement    finances
             discussed        about    retirement lifestyle will  contribute
Region      retirement   retirement         goals      look like  to divorce
----------------------------------------------------------------------------
National            87           25            45             48          68
----------------------------------------------------------------------------
Atlantic            89           27            48             49          72
----------------------------------------------------------------------------
Quebec              81           25            41             45          53
----------------------------------------------------------------------------
Ontario             91           25            45             49          74
----------------------------------------------------------------------------
Prairies            77           24            43             46          62
----------------------------------------------------------------------------
Alberta             85           22            43             53          76
----------------------------------------------------------------------------
B.C.                89           25            54             47          71
----------------------------------------------------------------------------

For more information on saving for retirement, please visit www.bmo.com/retirement.

Get the latest BMO press releases via Twitter by following @BMOmedia.

The survey was conducted by Pollara with an online sample of 1,001 Canadians 18 years of age and over, between January 24th and January 28th, 2014.

Contacts:
Media Contacts:
Amanda Robinson, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
514-877-8224
[email protected]

Laurie Grant, Vancouver
604-665-7596
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.