73 per cent also say current economic environment may impact future ability to live abroad
"After managing through challenging pandemic-related travel conditions, many Canadians have returned to spending their winters abroad in warmer locales," said
According to the poll, few snowbirds (7 per cent) are staying abroad at a property they own, with many opting to stay in short-term (26 per cent) or long-term (24 per cent) rental homes.
While down south, most snowbirds expect to conduct their banking digitally through their Canadian bank's mobile app or website (71 per cent) and half will withdraw foreign currency as cash before their trip (49 per cent), and most (87 per cent) say they have no plans to make large purchases while living abroad.
For those Canadians looking to become future snowbirds, some (27 per cent) plan to delay their retirement to earn more savings, while others (27 per cent) say they're cutting back on non-essential spending to help them achieve their goal.
"Whether you're already spending your winters away or are dreaming of trading snow for the beach in retirement, an advisor can help best position you, financially, for your time abroad. They can walk you through how to put your finances on autopilot to make sure all of your bills are paid on time, manage currency exchange rates, plan for medical expenses and navigate tax considerations to help make your getaway carefree and relaxing," added Lucreziano.
Other poll key findings:
- 89 per cent of snowbirds take one trip during the year
- 66 per cent of snowbirds spend their time in the same location vs. traveling to multiple destinations
- 56 per cent of snowbirds spend their time in
the United States - 54 per cent of snowbirds visit international locations (outside
the United States ) - 44 per cent of snowbirds expect to host family and friends while living abroad temporarily
Top snowbird destinations include:
- 34 per cent stay in the
Southeastern United States (e.g.,Florida ,Georgia ,South Carolina ) - 24 per cent stay in
Mexico ,Central America ,South America - 14 per cent stay in the
Southwestern United States (e.g.,Arizona ,Texas ) - 14 per cent stay in the
Caribbean - 14 per cent visit
Europe
Research Poll Disclaimer:
These are some of the findings from a study by Maru Public Opinion undertaken by its sample and data collection experts at Maru/Blue
* Snowbirds refers to those aged 50+ who plan to live temporarily (one month or longer) in a warmer climate during the winter months, either currently or in the near future (next couple of years). |
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SOURCE CIBC
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