A majority (58 per cent) of Canadians are in favour of a moderate expansion to the Canada Pension Plan and Quebec Pension Plan, according to research published today by the Angus Reid Institute.
The research, released as federal Finance Minister Bill Morneau meets with his provincial and territorial counterparts in Vancouver to discuss CPP reform, found just 22 per cent of respondents believe the CPP/QPP should be left as is.
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The highest level of support for expansion is found in Quebec, according to the research, with the lowest levels in Alberta and Saskatchewan.
The survey also asked respondents whether the economy is too weak to undertake the project right now, with 42 per cent of respondents saying it is, even among those who believe the CPP should be expanded. Regionally, respondents in Alberta (55 per cent) and Saskatchewan (49 per cent) most favour this line of argument against expansion.
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In addition to reservations about the timing of CPP increases, more than half (54 per cent) of respondents say that an increase to CPP/QPP will hinder small businesses, particularly among respondents in Ontario (61 per cent), Alberta (56 per cent) and Saskatchewan (56 per cent).
Despite differing opinions, there is near consensus among respondents on one view: 86 per cent of respondents believe Canadians are not saving enough for retirement. Again, when asked whether the government should play a lead role in ensuring retirement savings, 32 per cent strongly agree, while 44 per cent moderately agree.