Survey on the savings habits of Québec workers aged 25 to 44
Where do Quebeckers stand on financial planning for retirement? The survey firm SOM tried to find out as part of a study for Question Retraite and the Régie des rentes du Québec on the savings habits of Québec workers aged 25 to 44 (French only) 
.
Half of respondents think they are saving enough for retirement
Those with higher incomes think they are saving enough for retirement. They are also the people who are more aware of how much to save.
Furthermore, for 30% of workers, setting money aside means doing without. And for 40% of workers, saving is conducive to short-term projects.
Given the amounts to be set aside, saving for retirement seems daunting to roughly 40% of people. The percentage is highest among people who are the least well-off. And yet, those people are not necessarily the ones who need to save large amounts for retirement. Income from public sources will replace a good portion of their employment earnings.
On average, people expect to retire at age 61,3
Only 35% of respondents plan to retire at 65, the normal retirement age, and 25% expect to do so at age 60.
However, in comparison to respondents from 2003, workers plan on retiring nearly two years later.
Expected retirement age
| Age |
2003 data |
2011 data |
| 55 |
24% |
14% |
| 60 |
29% |
25% |
| 65 |
24% |
35% |
| Average expected retirement age |
59,4 years |
61,3 years |
Teach the children well
Of the respondents, 93% considered it very important or somewhat important to teach children about financial matters and saving starting in adolescence. Respondents believe that parents (63%) and schools (21%) should instill these values in young people.
In addition, 96% believe that young workers should be made aware of the importance of saving for retirement as soon as they enter the workplace. Opinions as to who should be responsible for the task are divided amongst parents (29%), the employer (27%), financial institutions (16%) and the government (15%).
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