More than Half of Canadians Fear Outliving Their Retirement Savings
Nearly six in ten Canadians (59%) worry they will outlive their retirement savings, according to a recent survey by the Canada Pension Plan Investment Board (CPPIB). The survey revealed that over half (52%) of non-retirees with a financial plan feel confident their funds will last, highlighting planning as the main factor for retirement security.
Impact of CPP Income on Retirement Confidence
Canadians who currently receive or expect to receive Canada Pension Plan (CPP) income report lower stress about retirement compared to those who do not expect CPP income—49% versus 39%. They also have greater confidence their savings will endure (52% vs. 44%).
Financial Education’s Role in Retirement Outlook
Almost half (48%) of respondents credited someone in their lives—a parent, family member, friend, or teacher—with playing a crucial role in their financial education. Those individuals tended to feel less stress and greater confidence about retiring.
“Anxiety peaked among Canadians aged 55 to 59 before declining in retirement.”
Retirement Planning Gaps Persist
- More than half of non-retirees (55%) do not have a retirement plan.
- Among retirees, 44% also lack a retirement plan.
- These figures have remained largely unchanged since last year.
Read also: 61% of Canadians fear running out of money in retirement, according to a separate survey.
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