More than Half of Canadians Fear Outliving Retirement Savings: Survey
Almost six in 10 Canadians (59%) worry that their retirement savings will not last throughout their lifetime, reveals a recent survey by the Canada Pension Plan Investment Board.
Impact of Financial Planning on Retirement Confidence
Among non-retirees who have a financial plan, more than half (52%) feel confident their savings will endure, highlighting planning as the key factor in retirement assurance.
Role of CPP Income and Financial Education
- Canadians expecting or receiving CPP income experience less retirement planning stress (39%) compared to those without this expectation (49%).
- Confidence in savings lasting is higher among CPP recipients or expectants (52%) than non-recipients (44%).
- Nearly half (48%) of surveyed individuals credited someone close to them—a parent, family member, friend, or teacher—with playing a crucial role in their financial education, which correlates with lower stress and greater retirement confidence.
Age and Retirement Planning Trends
Anxiety about outliving savings peaks among Canadians aged 55 to 59, then declines after retirement.
More than half of non-retirees (55%) and 44% of retirees admit to lacking a retirement plan, with these figures remaining almost unchanged from the previous year.
"Planning remains the top driver of retirement confidence among Canadians."
Author's summary: The survey reveals widespread concern among Canadians about outliving retirement savings, emphasizing the importance of financial planning and education for confidence in retirement security.