More than Half of Canadians Fear Outliving Retirement Savings
According to a survey by the Canada Pension Plan Investment Board, nearly 60% of Canadians are concerned about outliving their retirement savings. The study highlights the importance of financial planning in building retirement confidence.
Impact of Financial Planning on Retirement Confidence
Over half (52%) of non-retirees with a financial plan feel confident that their money will last through retirement, making planning the primary factor influencing retirement confidence.
Role of CPP Income and Financial Education
- Canadians with or anticipating CPP income report less stress about retirement planning (49% vs. 39%) and greater confidence in their savings (52% vs. 44%).
- Almost half (48%) of respondents credit a significant person—such as a parent, family member, friend, or teacher—for their financial education, correlating with lower stress and higher retirement confidence.
Retirement Anxiety by Age
Stress peaks among Canadians aged 55 to 59 and then declines after retirement.
More than 55% of non-retirees and 44% of retirees report not having a formal retirement plan, a figure that has remained steady over the past year.
Canadian retirement confidence heavily depends on financial education and effective planning, with many still lacking formal strategies for retirement.