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By: Healthcare of Ontario Pension Plan (HOOPP)                       

As Canadians continue to face climbing interest rates, rising inflation and a brutal housing market, saving enough for retirement is very much a struggle and top of mind, according to the 2022 Canadian Retirement Survey by HOOPP and Abacus Data.

HOOPP regularly commissions research about the urgent need to improve retirement security for Canadians. The intent is to fulfill our pension promise by raising awareness of the value that good pension plans like HOOPP bring not just to our members, but also to the communities where they live and work, and to the economy.

Based on the latest survey results, many Canadians see the value in pension plans — personally, societally,​ and economically.

Saving for retirement a top financial priority

When Canadians were asked about their top financial priorities, understandably, they said affording the daily cost of living was number one, but it's notable that the runner up was saving for retirement.

For those who don't have a workplace pension plan, more than half believe it is unlikely they will ever receive one. A glimpse of the personal impact this can have, particularly during tough financial times, can be seen in some of the findings:

• 70% of Canadians without a pension say rising inflation will reduce their ability to save enough money compared to only 45% of those with a pension.
• 38% of Canadians without a pension say they are 'falling behind' while only 25% of those with a pension say the same.

Pensions are a good thing. And the majority of Canadians agree:

• 82% agree that all workers should have access to a pension that guarantees a percentage of their working income in retirement.
• 77% agree that all employers should be required to contribute in some way towards pensions for all workers.
• 77% say pensions are beneficial for the economy and that workers will become a burden on the taxpayer without access to good workplace plans.
• 77% say the pensions we build today are the fuel for tomorrow's economy.
• 66% are willing to pay for this access by accepting a slightly lower salary in exchange for a better (or any) pension. While older Canadians who are closer to retirement are, predictably, more likely to take the pension over the salary, half of young workers under 35 still choose the pension over salary. 

• 48% of workers under 35 years old say 'finding a job with a defined benefit pension plan' is considered the most effective way to save for retirement.  
  

Not only do Canadians support pensions overall, they especially recognize how important they are for HOOPP members. When asked whether they support pensions for various specific professions, including teachers, public service professionals and social workers, support was generally very high. But what held the number one spot? It was a tie: nurses and healthcare workers generally, with 92% support.

It is truly an honour to be a pension plan for healthcare workers of this province, especially now as you continue to care for Ontarians during the ongoing pandemic. As always, HOOPP remains focused on our mission of delivering on the pension promise, and we believe our pension research and advocacy work helps us in serving that mission. There are widespread benefits — including for the economy — when more people can retire with financial comfort and dignity.  

Learn more about our latest research by visiting ​hoopp.com.