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Les Premiers Baby-Boomers Qu�b�cois font-ils une Meilleure Pr�paration Financi�re � la Retraite que leurs Parents? Revenu, Patrimoine, Protection en Mati�re de Pensions et Facteurs D�mographiques

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  • Long Mo
  • Jacques Légaré
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    Abstract

    In the forthcoming decades, population aging will generate major challenges in our society. In particular, the financial security of future pensioners constitutes an important issue. This paper will examine the financial planning for retirement of the Quebec first cohorts of baby boomers born in 1946-1955, who will retire in the forthcoming years, by comparing with their parents their situation toward their income, their patrimony and their pension coverage throughout their life cycle. The demographic factors that may interact on the financial suitability in retirement will also be studied. The cohort analysis constitutes an essential approach. The datasets used come from surveys that were taken between 1971 and 2001. Contrary to some popular thoughts, the results reveal that the first cohorts of baby boomers are in a better situation regarding their financial planning for retirement than their parents at the same age. This outcome is valid as well for the condition of their income, their accumulated patrimony or their pension coverage. However, this patent advantage is not applicable to all the first boomers. If current patterns persist, some of them could be exposed to a high risk of financial insecurity after retirement. Moreover, the demographic characteristics of the first boomers, as their extended life expectancy, their smaller families and their propensity to live alone, could contribute to reduce their economic advantage compared to their parents.

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    File URL: http://socserv.mcmaster.ca/sedap/p/sedap141.pdf
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    Bibliographic Info

    Paper provided by McMaster University in its series Social and Economic Dimensions of an Aging Population Research Papers with number 141.

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    Length: 53 pages
    Date of creation: Nov 2005
    Date of revision:
    Handle: RePEc:mcm:sedapp:141

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    Keywords: baby boomers; retirement; financial suitability; Quebec;

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    1. Atsuhiro Yamada, 2002. "The Evolving Retirement Income Package: Trends in Adequacy and Equality in Nine OECD Countries," OECD Labour Market and Social Policy Occasional Papers 63, OECD Publishing.
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