Uncertainty Among Canadians About Retirement
CAAT research points to growing uncertainty among Canadians about retirement. Many Canadians are worried about how long their savings will last, the impact of inflation and whether they may need to delay retirement.
The research also shows a gap between expectations and reality. Many non-retired Canadians expect personal savings to be their main source of retirement income, while retirees today are less likely to rely on savings alone.
A major challenge is that Canadians are often expected to make long-term decisions about saving, investing and eventually turning those savings into reliable retirement income on their own. Without strong structures and support, those decisions can be difficult to navigate.
That is why greater access to practical retirement tools matters. Many Canadians see workplace pensions as part of the solution. Retirees with workplace pensions also tend to report higher monthly household income, which suggests these plans can play an important role in supporting financial stability over time.
Workplace pensions may also encourage stronger retirement planning habits. Canadians with pensions are more likely to use a broader mix of retirement tools, while those without pensions are less likely to be actively planning.
