Document sans titre
Retirees have changed and
their exploding numbers require that both society and businesses evolve. The data
revealed by four consecutive editions of the AXA Retirement Scope allow us to
draw the emerging portrait of a new generation of retirees, as well as uncover
a few directions to better adapt to the phenomenon of an aging population.
Old: new definition
yet traditional roles remain
In the past, the end of
active life meant the beginning of old age. Today, it is the loss of autonomy
or illness that heralds this beginning. Our retirees can now expect to enjoy
21 years of retirement before turning old... at 79! However, here as anywhere
else in the world, a consensus remains: the social role of retirees is to transfer
knowledge and skills. A supporting role in caring for the children also continues
to be universally recognized. The new demographic context offers an opportunity
to better value these roles in the future.
"It is the whole context
of old age that is being transformed," explains Robert Landry, Executive
Vice President, Life Insurance and Financial Services, AXA Assurances. "This
transformation is an opportunity for society to fully recognize and actively
seek and facilitate the contribution of these 'young retirees.' Businesses will
also want to understand the new context in order to adapt their products and
services as well as their way of doing business - this is the case at AXA,"
Mr. Landry added.
Working longer?
Yes but only by choice
Canadian retirees are divided
regarding delayed retirement age, although those in favour have increased by
7% since 2004, to reach 42% in 2008. Quebecers remain mostly unreceptive to
the proposition (only 29% are in favour). If we consider that 58% of active
Canadians would like to pursue a remunerated activity after retirement, the
message is clear: working beyond the retirement age is fine, but it should remain
a personal, not a forced decision. Interestingly, 92% of our retirees consider
themselves able to provide quality work. It will be up to employers to tap into
this rich source of experienced workers, although at the cost of offering more
flexibility.
Financial self-sufficiency:
an inescapable reality for which we are preparing earlier than ever
Increased life expectancy
will most probably force our retirees to care for their aged parents: the fastest
growing population segment in the world today is that of the 85 and older! Our
new retirees will need to be very self sufficient to finance their retirement,
since they will be less able to count on the capital gathered by their parents
or the help of children or workers that have become too few. In Canada, it is
now generally agreed that individuals are first responsible for financing their
own retirement, with the secondary help of the state or employer. Life insurance
emerges as a choice strategy: 67% of active Canadians are using it to help finance
their retirement. Today's active starts saving earlier than in the past: in
2004, the average age for preparing for retirement was 34, it now stands at
30. Saving options that offer a good return on investment and that are adapted
to all stages of active life will be needed more than ever.
Living in one's
home: not a synonym for boredom and isolation
The great majority of Canadian
retirees live at home (96%). Our retirees generally own their own home (84%).
If 33% of our retirees travel, most remain at home to enjoy their favourite
activities. One third (31%) regularly practice a sport; gardening keeps 22%
busy, culture and reading, 14%, as is the case for taking care of grand-children
or the family in general. Community
life is not neglected: 26% of retirees, most often women, do volunteer work.
Taking active care
of one's health: watch out for stress
The new generation of Canadian
retirees is in better shape than ever, especially when compared to their counterparts
in the rest of the world: 40% of our retirees say they are "in very good
health" against only 23% for the international average and 27% for Quebec.
Our seniors take an active part in keeping in shape by practicing a sport and
watching what they eat. This preventive attitude is good news for the government
since many of our retirees (67%) count mostly on public health insurance in
case of illness, although Quebec has a larger proportion of privately insured
(54% are insured by the state). Not counting pollution, stress is the number
one health enemy for 78% of retirees, well ahead of tobacco and junk food. Since
stress also affects a large proportion of actives (87%), it is expected that
this phenomenon will deserve the special attention of health professionals or
public health agencies.
Taking care of
one's appearance, while agreeing to become old
Our retirees appear to
feel comfortable with their self-image, and to accept with serenity the physical
signs of aging: less than 5% would consider undergoing cosmetic surgery that
would make them look younger. While caring of their general appearance, our
retirees are also among the least likely in the world to use products to prevent
the effects of aging. They seem to count more on a healthy lifestyle to remain
young.
Technology: an
every day ally
Our retirees spend as much
time as actives do on the Internet, whether they use it to exchange email messages
(86%), find information (82%), carry out banking operations (46%) or follow
daily news (49%). They are however less likely to use it for shopping. Already
in 2005, 59% of retirees had a computer, 55% an Internet connection and 51%
a mobile phone. The cliché of the older person overwhelmed by new technologies
now appears be obsolete... Our retirees will be better informed than ever, connected
with their family and other retirees and, mainly, able to express themselves!
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