More than half of Canadians fear outliving savings in retirement: survey

More than half of Canadians fear outliving retirement savings

A recent survey by the Canada Pension Plan Investment Board reveals that nearly six in 10 Canadians (59%) worry they will outlive their retirement savings. The survey highlights the importance of financial planning for retirement confidence.

Planning boosts confidence

Among non-retirees who have a financial plan, more than half (52%) said it gives them confidence that their money will last throughout retirement. This makes having a plan the leading factor in feeling secure about retirement finances.

Impact of Canada Pension Plan (CPP) income

Role of financial education

Almost half (48%) of respondents credited someone in their lives — such as a parent, family member, friend, or teacher — for playing a key role in their financial education. These individuals reported lower stress levels and greater confidence about retirement.

Anxiety peaked among Canadians aged 55 to 59 before declining in retirement.

Retirement planning status

More than half of non-retirees (55%) and 44% of retirees reported they do not have a retirement plan, showing little change from the previous year.

Author's summary: Most Canadians worry about outliving their retirement savings, but financial planning and education significantly reduce stress and boost confidence about retirement readiness.

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Benefits Canada.com Benefits Canada.com — 2025-10-31

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