Young Canadians are redefining how they think about retirement, with many expecting to work longer and prioritizing flexibility and work-life balance in their careers, according to new survey from the Co-operators Group Ltd.
It found two-thirds (65 per cent) of Canadians younger than age 35 believe retirement will look different for their generation compared to their parents. Nearly half (49 per cent) think it will be financially necessary to work longer and retire later, while a third (33 per cent) don’t believe they’ll ever be able to financially retire.
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These expectations are shaping career priorities. Half of young Canadians said their ideal job would offer a flexible schedule and a similar percentage (48 per cent) said they prioritize strong work-life balance. Roughly four in 10 (38 per cent) said they want to prioritize living their lives now, while a similar share (40 per cent) said the idea of micro-retirements — short breaks taken throughout a career — is appealing.
Financial pressures continue to affect long-term planning. Fewer than half (44 per cent) of young respondents said they’re able to cover basic expenses while setting aside money for savings and 38 per cent said they regularly save for retirement, compared with 54 per cent of Canadians aged 35 to 44.
Meanwhile, nearly three-quarters (72 per cent) said they’re saving or want to save to improve work-life balance, though fewer than half believe their current investing habits will provide long-term financial stability.