Only 47% of working-age Canadians (those 25 years of age and older) have a workplace retirement savings plan.
According to the most recent Manulife Investor Sentiment Index, most Canadians are risk averse in their approach to saving and investing and are likely missing some opportunities to safely increase their savings, such as maximizing an employer-sponsored pension plan.
“Access to workplace savings plans and financial advice can help Canadians plan for a better retirement,” says Marianne Harrison, senior executive vice-president and general manager, Canadian division, with Manulife.
When it comes to planning for retirement, survey findings also show that working Canadians are less likely to consult a financial advisor to help manage their workplace retirement plan. Just 6% of working Canadians receive advice from an advisor to help them manage their workplace retirement plan.
Of the Canadians with a workplace retirement plan, 38% are interested in having their employer contract a third-party company to support them with planning for retirement. And 66% are likely to keep the investments within their employer plan and begin to draw an income when they retire rather than transfer the assets to another financial institution.
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