Take a moment to think about your finances. How do you feel?

Now, consider your pension. As a HOOPP member, you’re part of one the strongest and most reliable defined benefit (DB) pension plans in Canada. A HOOPP pension provides a secure, lifetime income in retirement. The amount of pension income you receive is based on a formula that considers your earnings, years of service and your age when you start your pension.

Did thinking of your pension affect how you feel about your finances?

New research from HOOPP and The Behavioural Insights Team, a global research firm, found that just being reminded of your DB pension plan can boost your feeling of financial well-being.

The Health Impacts of a Pension research also identified finances as the biggest source of stress for older Canadian workers, followed by health concerns, family or relationship problems and work- or school-related stress. The study, which included 2,800 full-time workers aged 40 to 60 who are members of a DB pension, found that 60 per cent of participants thought about their current financial situation daily or weekly. And they aren’t the only ones.

Like most Canadians, you might also be concerned about affording your daily expenses whilst navigating a high cost of living and a challenging economy.

Your HOOPP pension can reduce some of this stress by helping you save and providing you with a secure income in retirement, giving you the freedom to focus on what matters most. Our research also found that workers with a DB pension experience nine per cent higher financial well-being and 10 per cent lower financial stress when compared to workers in the same age bracket who don’t have a workplace pension.

These benefits add up to more than just lowering your stress levels. A growing body of international research has proven financial stress is bad for your health, and the evidence suggests that having a pension can help relieve that stress. In fact, having a pension can:

• Improve your mental and physical health
• Reduce chronic inflammation, which can cause cancer, heart disease, diabetes and other serious illnesses, by alleviating financial stress
• Promote healthier living in retirement by facilitating a healthy diet, regular exercise and community engagement (e.g., volunteering, playing team sports)

And that’s not all. The research also suggests that improving access to workplace pensions can help reduce health inequity experienced by women, people who are separated or divorced and members of low-income households, who are more likely to be affected by financial stress.

The fact is, good workplace pensions, like HOOPP, provide more than retirement security – they support your financial well-being, your health and even drive economic growth. We hope these findings bring you peace of mind, no matter where you are in your life.

Learn more in The Health Impacts of a Pension.