More than Half of Canadians Fear Outliving Retirement Savings, Survey Finds
Nearly 59% of Canadians worry they will outlast their retirement savings, reveals a recent survey by the Canada Pension Plan Investment Board. Among non-retirees with a financial plan, 52% feel confident their money will last, making planning the key factor in retirement confidence.
Retirement Planning and Confidence
- Canadians expecting to receive CPP income report less stress about retirement planning (39%) compared to those who do not expect CPP income (49%).
- Those with CPP income also feel more confident their savings will last (52%) versus 44% for those without CPP income.
- Almost half (48%) of respondents credit a parent, family member, friend, or teacher for their financial education; these individuals tend to experience lower stress and greater confidence about retirement.
Age and Retirement Anxiety
Retirement anxiety peaks among Canadians aged 55 to 59, then declines once retired.
Retirement Planning Status
More than half of non-retirees (55%) and 44% of retirees reported not having a retirement plan, with little change compared to last year.
“Planning is the top driver of retirement confidence.”
“Almost half of respondents said someone in their lives played an essential role in their financial education.”
These findings highlight the critical role of financial planning and education in reducing retirement-related stress and increasing confidence among Canadians.
Author's summary: The survey shows most Canadians worry about outliving savings, but financial education and CPP income boost confidence and reduce retirement anxiety.