Retirement security is at risk for younger Canadians
Learn more in our 2022 Canadian Retirement Survey results
In the spring of 2022, HOOPP commissioned Abacus Data to conduct our fourth Canadian Retirement Survey, an annual public opinion survey to capture the views of Canadians on the current economic climate, retirement preparedness, and personal and societal impacts of workplace pensions. The results suggest that younger Canadians, especially under the age of 35, are feeling the pinch when it comes to home ownership and saving for retirement.
The impact of today’s economic climate
Here are some survey findings that demonstrate the impact of current economic uncertainties on retirement security and why workplace pension plans seem to be a solution all can agree on:
- Housing prices are at an all-time high and interest and inflation rates continue to rise, which are impacting Canadians ages 18-34 the most, compared to older generations.
- Almost half of young Canadians are living paycheque to paycheque, are less likely to have savings over $5,000 or own a home and are worried about the impact interest rates will have on their ability to even purchase one.
- Most young adults don’t have access to the same retirement savings options that past generations have benefited from, including workplace pension plans or the ability to sell their home to help fund their retirement.
- Canadians of all ages, including the younger group, would prefer a lower salary to receive a pension (or better pension). It’s notable that younger adults also see ‘finding a job with a defined benefit pension plan’ as the most effective way to save for retirement.
- Most Canadians believe employers play a role in their retirement security; employers don’t disagree.
Benefits of workplace retirement plans
Recent HOOPP commissioned research, The Value of a Good Pension: The business case for good retirement plans, reports that good workplace retirement plans increase employee satisfaction and create value for employers. This translates to:
- enhanced talent and retention
- increased employee productivity through reduced financial stress
- compensation efficiency
The research shows that good workplace plans offer value to an employer’s bottom line, security for employees and improved economic stability for all.
Advocating for all Canadians
HOOPP continues to support retirement security for all Canadians and future generations. That’s why we conduct surveys and share our results, and advocate through The Pension Collective to help advance the conversation on affordable retirement so that everyone can have access to Canada-model plans, like HOOPP.
Want to learn more about retirement security and pension issues that impact Canadians? Join The Pension Collective to get access to easy-to-understand news and resources and opportunities to attend exclusive events.
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Retirement security is at risk for younger Canadians
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This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.
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