Only 48% of Non-Retired Canadians Have Workplace Pension Plans, According to Report
A recent study reveals a concerning trend in Canada's retirement landscape. The annual retirement study conducted by IG Wealth Management highlights a generational shift in how Canadians approach retirement. Despite the availability of workplace pension plans, a significant portion of non-retirees remains unprepared for their golden years.
The report indicates that only 48% of non-retirees have a workplace pension plan, whether it's a defined-benefit or defined-contribution plan. This finding is particularly striking when compared to the 11% of non-retired Canadians who know their annual retirement income needs, and the 49% who are completely unaware. Furthermore, only one-third of non-retired Canadians have a retirement plan and savings in place.
The survey, conducted by Pollara Strategic Insights on behalf of IG Wealth Management, involved 1,350 Canadian adults between January 9 and 14. It's important to note that online surveys, as per the Canadian Research Insights Council, cannot be assigned a margin of error due to their non-random sampling method.
This study serves as a wake-up call for Canadians to re-evaluate their retirement strategies and plan for the future. With a significant portion of the population lacking adequate pension plans and retirement savings, it's crucial to address this issue to ensure financial security in retirement.
