By: Healthcare of Ontario Pension Plan (HOOPP)
How do you feel when you think about your finances in retirement?
If you're worried, you are not alone. Half of Canadians think they will never be able to retire and more than three-quarters are concerned inflation will reduce their ability to afford daily expenses, according to recent research from HOOPP and Abacus Data.
The 2025 Canadian Retirement Survey found Canadians are especially worried about the rising cost of living and ongoing trade challenges with the U.S. Most are also worried about housing affordability (60%) and having enough money in retirement (56%).
It's no wonder Canadians are concerned: more than a third report having less than $5,000 in general savings (including retirement savings) and 39% of unretired Canadians have never saved for retirement.
These challenges have also taken a toll on Canadians' mental health, leaving them much more likely to feel anxious (52%, up 7% from 2024), fearful (48%, up 6%) and sad (47%, up 6%) due to their financial situation.
With so much uncertainty in the world, it can be challenging to predict what your financial situation will look like in retirement, whether that's one year, ten years or 25 years away. But as a HOOPP member, you can feel confident you are securing your financial future, even as you focus on day-to-day expenses.
Pensions provide security in times of uncertainty
The 2025 Canadian Retirement Survey survey found nearly half of Canadians are concerned about outliving their retirement savings, and 46% expect their quality of life to worsen in retirement.
Contributing to a workplace pension plan, and especially a defined benefit (DB) pension, improves Canadians' outlook. People with a DB pension are significantly more likely to feel they will be able to meet their financial needs in retirement than those without any workplace retirement benefits (59% with a DB pension, compared to 30%).
In fact, nearly three-quarters of Canadians with a DB pension plan, like HOOPP, agree workplace pensions are of greater value for individual contributors during times of global uncertainty.
This value is clear to more than just those with access to a good pension. Even as they navigate rising prices and affordability challenges, 88% of Canadians would choose to contribute 9% of their salary to a DB pension in exchange for a secure lifetime income in retirement, if given the option. This sentiment was consistent for Canadians of all ages.
Why it matters
Good workplace pensions, like HOOPP, provide more than retirement security – they can support Plan members' health and financial well-being, help reduce the risk of women experiencing poverty in retirement, and even drive economic growth.
That's why HOOPP commissions research into pensions and retirement security: we believe we will all be better off when more Canadians have access to good pensions and the financially secure retirement they can help provide.
You can learn more about this and other research on hoopp.com.