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Ontarians more stressed than other regions about the thought of retiring with debt Nearly six in ten Ontario homeowners indicate they would continue to work if they reached their planned retirement age and still had debt Manulife Bank surveyed 2,003 Canadians Audio clip and infographic attached

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Retiring from Debt in Ontario (CNW Group/Manulife Financial Corporation)

WATERLOO, ON, May 14, 2012 /CNW/ - Ninety per cent of Ontario homeowners indicate that "being debt-free" is very important to their definition of a successful retirement, according to a recent debt and retirement survey conducted by Manulife Bank of Canada . This is second only to "good health" (95%), and slightly higher than "sufficient retirement income to maintain my current lifestyle" (84%).

Ontarians are also more concerned about the thought of reaching their planned retirement age with debt still outstanding than are other Canadians. Fifty-seven per cent of Ontarians indicated that they would find this scenario extremely stressful, compared to 46 per cent of homeowners from the rest of Canada .

Forty-three per cent of Ontario homeowners who are neither debt free nor retired indicate that they will place a greater emphasis on debt repayment over retirement savings over the next 12 months. Only eight per cent stated the reverse, further reinforcing the high priority Ontario homeowners place on debt-freedom for their retirement.

This is the first time that Manulife Bank focused on surveying Canadians about debt in the context of retirement planning. Manulife Bank has increased the sample size to allow for regional-specific data demonstrating similarities and differences in how Canadians view debt across the country.

"Most people think about savings as the key financial consideration for retirement," stated Mike Gentile , a Chartered Financial Consultant & President of Personalized Investment Planning Inc. in Kitchener, Ontario. "But debt-freedom is a critical consideration for Ontarians, and they find the idea of retiring with debt extremely stressful. An experienced Financial Advisor employs tools such as Cash Flow Analysis and Financial Planning Concepts to assist clients in reducing their debts while giving them an opportunity to increase their tax advantaged savings."

Across Canada , debt-freedom expectations change as people get older

Manulife Bank's debt and retirement survey found that three in four Canadian homeowners consider debt-freedom to be among their top financial goals - a finding that is relatively consistent with Manulife Bank's past consumer debt studies. However, their expectation about when they will actually achieve debt-freedom appears to be largely dependent upon their age, a finding that is consistent across the country.

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For Ontarians, a Successful Retirement Requires a Debt Freedom Plan