Only 47 per cent of working age Canadians (25 years of age and older) have a workplace retirement savings plan, according to a Manulife Investor Sentiment Index.
Canadians are also risk-averse in their approach to saving and investing and are likely missing some opportunities to safely increase their savings, such as maximizing an employer-sponsored pension plan, found the survey of 1,000 people.
More than one-third (38 per cent) are interested in having their employer contract a third-party company to support them with planning for retirement.
And two-thirds (66 per cent) are likely to keep the investments within their employer plan and begin to draw an income when they retire, rather than transfer the assets to another financial institution.
When it comes to planning for retirement, Manulife found working Canadians are less likely to consult a financial advisor to help manage their workplace retirement plan. Six per cent of employees receive advice from an advisor to help them manage their workplace retirement plan.
© Copyright Canadian HR Reporter, Thomson Reuters Canada Limited. All rights reserved.