More than half of Canadians fear outliving savings in retirement: survey

More than Half of Canadians Fear Outliving Retirement Savings

A recent survey by the Canada Pension Plan Investment Board reveals that nearly six in ten Canadians (59%) worry about outliving their retirement savings.

Impact of Financial Planning

Among non-retirees with a financial plan, 52% say it gives them confidence their money will last. This highlights that planning is the leading factor in retirement confidence.

Role of CPP Income

Canadians who currently have or expect to receive Canada Pension Plan (CPP) income experience less stress about retirement planning (39%) compared to those without expected CPP income (49%). They also show greater confidence their savings will last (52% versus 44%).

Influence of Financial Education

Almost half (48%) of respondents credit someone in their life—such as a parent, family member, friend, or teacher—for important financial education. These individuals reported lower stress and higher confidence about retirement.

“Anxiety peaked among Canadians aged 55 to 59 before declining in retirement.”

The survey found that over half (55%) of non-retirees and 44% of retirees do not have a retirement plan, with these figures largely unchanged from the previous year.

Summary

The survey shows that while many Canadians fear outliving their retirement funds, having a solid financial plan and CPP income greatly reduces stress and boosts confidence.

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Benefits Canada.com Benefits Canada.com — 2025-10-31

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