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A survey released Wednesday by BMO Wealth Management finds 56 per cent of immigrants in Alberta have retirement savings with $361,000 the average amount saved.

The study is the third in a series examining financial issues related to new Canadians.

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While the amount of savings for immigrants includes their total savings, BMO said the average Albertan has $55,587 overall in RRSPs.

The latest survey found immigrants planned to retire at age 61 and felt they need $752,000 for their ideal retirement lifestyle. Albertans feel they need an average of $556,000 for retirement.

“Moving to a new country can bring on a multitude of challenges, so it’s pleasing to see many new Canadians have retirement top of mind and are optimistic they will be able to achieve their ideal retirement lifestyle,” said Michael Wood, senior vice-president and managing director of BMO Nesbitt Burns, in a statement.

Nationally, the study said two-thirds of immigrants have retirement savings and the average amount saved is $98,600 compared with an average of $45,902 in which Canadians have in RRSPs.

mtoneguzzi@calgaryherald.com

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