Surveys show pension concerns for both Canadian millennials, seniors

Almost a third (32 per cent) of Canadian millennials cited the lack of a pension plan as one of the concerns of working in the gig economy, according to a new survey by TD Insurance.

The survey, which queried more than 6,000 Canadians over the age of 18, also found millennials are concerned about the gig economy’s lack of job security (61 per cent) and paid vacation (38 per cent), we well as income volatility (41 per cent).

Read: Pension benefits major factor in accepting a job: survey

Almost three-quarters (73 per cent) of millennials said they’ve worked or expect to work in a gig employment situation. Among that group, 79 per cent said life insurance is important, but only 16 per cent receive the benefit through their workplace.

“Gig jobs provide Canadians more flexibility because they can work where they want, when they want and how they want,” said Mark Hardy, assistant vice-president of direct life and health at TD Insurance, in a news release. “While these benefits may appeal to Canada’s large millennial workforce, it’s important to acknowledge and plan for the instability that can come with gig jobs.

“For the gig generation, needs and risks can change on a month-by-month basis, so it is important to prepare and protect yourself, your financial health and any dependents from the unexpected.”

Read: The intricacies of providing benefits in the gig economy

Millennials aren’t the only age group facing financial concerns. One in five Canadian seniors are working past age 60, with six per cent remaining in the workforce past age 80 because they can’t afford to retire, according to a survey by the Financial Planning Standards Council and Credit Canada.

The survey, which questioned 1,000 Canadians over age 60, found 30 per cent of seniors are working longer because they can’t afford retirement, including 13 per cent who said they’ll never be able to afford it. Some 28 per cent of respondents said they don’t have enough savings, 12 per cent are still helping their children financially and 12.5 per cent have too much debt. On the positive side, nearly a third said they’re continuing to work because they love their job.

Half of respondents aged 80 and older listed a company pension plan as a source of income, a figure that drops to 41 per cent for those between the ages of 60 and 69. Men are significantly more likely than women to be continuing to work into their later years and have a workplace pension or investments as a source of income, according to the survey.

Read: Majority of Canadians worried about level of retirement savings: survey