Retirement is top of mind for many Canadian workers, for all the wrong reasons. Many Canadians are deeply concerned about their prospective financial security in retirement. They are questioning when and how they will ever be able to retire comfortably. The economic turmoil wrought by the pandemic has only amplified these fears. A number of recent surveys confirm this collective anxiety.

According to a report published by the National Institute on Aging at Ryerson University, 77% of Canadians nearing or in early retirement (aged 55-69) “expressed worry about their financial health.” Further, “nearly 80% of respondents, 55 years and older, say that their retirement income from sources including personal Registered Retirement Savings Plans (RRSPs), the Canada/Québec Pension Plan (CPP/QPP) and Old Age Security (OAS) will not be sufficient for a comfortable retirement.” The full report can be

Another retirement readiness survey by the Royal Bank of Canada indicates that about a fifth (21 percent) of respondents expect to outlive their retirement savings. Additionally, 18 percent of respondents said they and will “now be retiring later than expected.”

A report by Mackenzie Investments echoes these findings. This survey found that “about a third (36 per cent) of working Canadians and 21 per cent of retirees aren’t confident how much money their retirement income sources will provide them in the future.”

Finally, according to a survey conducted by HOOPP, “a secure retirement remains of greater concern for Canadians than concerns about their health, debt load and job security.” Almost half of respondents said they were “very concerned about having enough money in retirement.”

Canadian employers should be not only empathetic to these retirement concerns, but recognize their negative impact on productivity and efficient workforce management. An effective solution is to offer a workplace pension plan. Providing a good pension helps to attract and retain top talent, boost morale, and reduce employee stress. It also ensures workers retire when appropriate, with full confidence in their financial wellbeing.

As workplaces adjust to a new post-pandemic normal, the timing is right to reconsider compensation strategies. Canadian workers want pensions. In fact, a majority would be willing to take less pay in exchange for a workplace pension plan. Introducing a robust retirement benefit program or bolstering an existing one will be beneficial to any company looking to reengage its employees and build long-term loyalty.

Click to learn more about how the Ideal Canadian Pension Plan is helping Canadian employers of all sizes provide reliable lifetime retirement income to their employees.