A Survey of Non-retirees and Retirees in Canada: Retirement Perspectives and Plans

The Conference Board of Canada, 108 pages, October 27, 2014
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This report summarizes the information garnered through a 2014 survey of Canadians aged 18 to 65+. It delves into their experiences, views, and behaviours as they pertain to retirement planning.

Document Highlights

A Survey of Non-retirees and Retirees in Canada: Retirement Perspectives and Plans summarizes the information garnered through a 2014 survey of Canadians aged 18 to 65+. It delves into their experiences, views, and behaviours in a number of areas related to retirement planning, and the roles of various stakeholders in helping Canadians prepare for their retirement. Some of the areas explored include respondents’ attitudes about retirement and the plans they are making, their level of financial literacy, and their knowledge and views of a variety of current and potential retirement savings mechanisms/plans. The report also provides participants’ assessment on the effectiveness of various employment-related practices currently in place in Canadian organizations, and their thoughts on what could be improved. Lastly, the report delves into the experiences and perspectives of current retirees, exploring how they are funding their retirement, their views on their financial well-being now and in the future, and their advice to younger Canadians and employers.

Table of Contents

Executive Summary

Chapter 1—Introduction

  • About This Report
  • Report Organization

Chapter 2—Getting Ready: Plans and Perspectives

  • Retirement Age by Selected Demographics
  • A Change of Direction
  • It’s All About the Plan
  • Gender and Planning
  • Age and Planning

Chapter 3—How Financially Literate Are Canadians?

  • Understanding Public and Private Pension Plans
  • Learning the Basics: Respondents’ Sources of Information/Advice
  • Which Advice Would Be Helpful?

Chapter 4—Putting Money Aside for Retirement

  • Personal Retirement Savings Mechanisms
  • The Bigger Picture: Funding for Retirement
  • Primary Source of Retirement Income
  • Funding Mechanisms for Current Retirees
  • Current Retirees—Their Story
  • How Are Retirees Faring?

Chapter 5—Pensions and Retirement Savings Plans

  • Prevalence of Retirement Savings/Pension Plans
  • Types of Plans Offered Through the Workplace
  • Plan Contributions
  • Confidence In and Satisfaction With Plans
  • Satisfaction With Plans
  • Making Choices: Trade-Offs for Greater Pension Contributions
  • Who Would Trade?

Chapter 6—The Roles of Employers and Others

  • Who Has Primary Responsibility?
  • The Specific Role of Employers
  • It’s Not Just About the Money
  • Workplace Information/Support for Retirement
  • What More Could Employers Be Doing?

Chapter 7—Conclusion and Thoughts for Moving Forward

  • Literacy Skills Matter
  • Starting Early Is Critical
  • A Targeted Approach to Education Could Be Effective
  • It Is a Shared Responsibility
  • It Is About More Than Education

Appendix A—Methodology and Respondent Profile

Appendix B—Definitions of Retirement Savings/Pension Plans Used in the Questionnaire

Appendix C—Additional Data Tables

Appendix D—Bibliography

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