Retiring boomer business owners do a better job of financial planning and are far more active in preparing for retirement compared to the average Canadian, suggests a poll from Royal Bank of Canada (TSX:RY).

According to the poll, 54% of retiring boomer business owners regularly review, update and keep their financial plan in mind when they are about to make key financial decisions, compared to 38% of Canadians in general.

Consequently, almost two-thirds (65%) of retiring Boomer business owners are confident their savings are where they should be, compared to 51% of the rest of Canadians who think they are at or ahead of their retirement savings goal.

“Due to their entrepreneurial mindset and the fact that they must take care of themselves financially in the future, retiring boomer business owners see financial planning as a priority,” says Michael Feaver, senior manager, strategic initiatives, RBC. “Overall, they do a better job of retirement planning and start investing at an earlier age, which gives them greater flexibility and control during their retirement years.”

The survey found retiring boomer business owners are approaching retirement with a different financial priority in mind compared to the average Canadian; their focus is on saving for their retirement versus making payments to reduce debt which is the main priority of the average Canadian.

The poll found that retiring Boomer business owners and the rest of Canadians have one thing in common, though. Both groups have increased the estimated amount of money they believe they will need to retire and live a comfortable lifestyle. Retiring boomers who own a business have increased their estimate of what is needed to retire by 16% to $1.1 million from $968,000 in 2010; the estimate for Canadians in general has jumped by 20% to $601,000 since 2010.

The 22nd Annual RBC RRSP Poll was conducted by Ipsos Reid between Oct. 24 and Nov. 15, 2011 via interviews of 4,135 Canadian adults, including a random sample of 1,224 adults in the general population (aged 18 and over) and 2,911 Boomers aged 50 to 69 with household financial assets of $100,000 or more.

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Correction: An earlier version of this article stated that Canadians in general have increased their estimate of what is needed to retire by “19% to $778,000 since 2010.” RBC has revised those figures to “20% to $601,000 since 2010.”