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

A recent survey by the Canada Pension Plan Investment Board reveals that nearly six in 10 Canadians (59%) worry about outliving their retirement savings. Among non-retirees, over half (52%) with a financial plan feel confident their funds will last, highlighting planning as the main factor driving retirement confidence.

Impact of CPP Income on Retirement Confidence

Canadians who receive or expect to receive Canada Pension Plan (CPP) income experience less stress about retirement planning than those who don't. Specifically, 49% of those expecting CPP income reported lower stress compared to 39% without that expectation, along with higher confidence their savings would suffice (52% vs. 44%).

Role of Financial Education

Almost half of respondents (48%) acknowledged that someone in their life—a parent, family member, friend, or teacher—played a crucial role in their financial education. Those individuals reported less stress and greater confidence when approaching retirement.

Age-Related Anxiety and Planning Gaps

Anxiety regarding retirement peaks among Canadians aged 55 to 59 before easing after retirement. More than half (55%) of non-retirees and 44% of retirees admitted they do not have a formal retirement plan, with these figures remaining largely consistent from the previous year.

“Nearly six in 10 (59 per cent) Canadians fear they’ll outlive their retirement savings, according to a new survey by the Canada Pension Plan Investment Board.”

“More than half (52 per cent) of non-retirees with a financial plan said it gives them confidence their money would last, making planning the top driver of retirement confidence.”

Author’s summary: Most Canadians worry about their retirement savings lasting, with financial planning and CPP income playing vital roles in reducing stress and boosting confidence.

Benefits Canada.com — 2025-10-31