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 59% of Canadians worry they will outlive their retirement savings.

Planning Boosts Retirement Confidence

Among non-retirees with a financial plan, 52% feel confident their money will last, making planning the primary factor in retirement confidence.

Impact of CPP Income on Retirement Stress

Canadians expecting CPP income reported lower retirement stress (39%) compared to those who do not (49%).
Those expecting CPP income also showed greater confidence their savings would last (52% vs. 44%).

Role of Financial Education

Almost half (48%) of respondents credited a parent, family member, friend, or teacher for playing a key role in their financial education. These individuals reported less stress and higher confidence in retirement.

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

Lack of Retirement Plans Remains High

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

Summary

The survey highlights widespread anxiety about outliving retirement savings, with financial planning and CPP income significantly easing concerns and boosting confidence.

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Benefits Canada.com — 2025-10-31