Les Premiers Baby-Boomers Québécois font-ils une Meilleure Préparation Financière à la Retraite que leurs Parents? Revenu, Patrimoine, Protection en Matière de Pensions et Facteurs Démographiques

Long Mo and Jacques Légaré

Social and Economic Dimensions of an Aging Population Research Papers from McMaster University

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.

Keywords: baby boomers; retirement; financial suitability; Quebec (search for similar items in EconPapers)
JEL-codes: J26 (search for similar items in EconPapers)
Pages: 53 pages
Date: 2005-11
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