More than half (58 per cent) of Ontario employees say retirement planning should go beyond financial wellness and encompass physical and mental health and social connections, according to a new survey by the Ontario Municipal Employees Retirement System.

The survey, which polled more than 750 workers and more than 750 retirees, found roughly eight in 10 employees said their physical health (84 per cent) and mental health (80 per cent) is good, while slightly fewer than two-thirds (63 per cent) said they’re social with family and friends.

More than two-fifths (43 per cent) of employees said they’re falling behind financially, while 40 per cent said they’re able to get ahead with savings and just 15 per cent said they feel financially secure. Nearly half (46 per cent) said they have an employer-sponsored pension plan and, among these respondents, 29 per cent said they have a defined benefit pension plan.

Read: How the coronavirus pandemic shifted employees’ retirement planning strategies

Two-fifths (39 per cent) of workers said they’ve already started planning for retirement and the same percentage said they’re confident they’ll be able to retire when they want to. However, workers aged 50 and younger were less likely to have started planning for retirement and were more concerned about financial stability than older cohorts. Notably, male workers (44 per cent) were more proactive in planning than women (34 per cent).

Among retirees, while more than 80 per cent said they’re happy, only 60 per cent said they’ve achieved their ideal retirement, characterized by timing, good health and financial security. Retirees who said they have a comprehensive plan across health, connectivity and finances ahead of their retirement (40 per cent) reported higher overall satisfaction and health compared.

“We recognize that achieving an ideal retirement requires a holistic approach encompassing physical health, mental well-being and social connectivity,” said Celine Chiovitti, chief pension officer at the OMERS, in a press release. “This research highlights the importance of planning and we are committed to supporting our members in navigating this journey, ensuring they are well prepared and confident in their retirement years.”

Read: Economic volatility, demographic changes among factors shaping retirement plans: survey