Two-thirds (67 per cent) of Canadian employees say help with forecasting retirement income is the No. 1 way that employers can provide financial support to workers, according to a new survey by Manulife Financial Corp.
The survey, which polled more than 1,600 employees, found more than half (57 per cent) of Canadian employees said their employer has at least some influence on their financial decisions.
Workers also expressed interest in their employer providing recommendations on old-age security and Canada and Quebec Pension Plan benefits (65 per cent), assessing financial wellness and identifying gaps (62 per cent) and offering access to financial advisors (60 per cent), will and estate planning (59 per cent) and tools to support mental health (59 per cent).
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Roughly half (48 per cent) said their retirement savings are on track in 2025. More than a third (35 per cent) said they expect to retire later than planned, up from 26 per cent in 2020.
Concerns about costs in retirement are also increasing. Two-fifths (43 per cent) of employees said they’re worried about health-care costs in retirement, up from 39 per cent in 2022. Similarly, 42 per cent said they’re worried about paying for basic expenses, virtually unchanged from 2022 (43 per cent).
Among different generations of employees, baby boomers (79 per cent), generation X (68 per cent) and millennials (61 per cent) cited retirement savings as their No. 1 financial concern, while generation Z cited covering day-to-day expenses (64 per cent).
Employees said they spend an average of 5.5 hours each month on their finances at work and missed, on average, one day of work over the last six months due to financial stress. Indeed, 41 per cent said they’d be more productive without their current financial worries.
Read: Pension dashboard could support Canadians’ retirement readiness: report