Canadians are twice as likely to support a pooled registered pension plan (PRPP) (64 per cent), rather than increase their Canada Pension Plan (CPP) contributions (34 per cent) as a means to save more for retirement, found a survey by Manulife Financial.
"Canadians strongly support the introduction of PRPPs and are looking to their provincial governments and employers to make it happen," said Sue Reibel, senior vice-president and general manager, group retirement solutions, at Manulife Financial.
Across the country, 74 per cent of respondents said it's important or very important for their province to introduce legislation to make PRPPs available. That figure climbs as high as 85 per cent in Quebec and 84 per cent in Newfoundland found the survey of 7,700 workers across the country.
Of those surveyed, 69 per cent are worried that they won't have enough savings to maintain their current lifestyle in retirement. That figure increases to 78 per cent for those that don't currently have a workplace retirement plan.
The absence of a workplace retirement plan would discourage 69 per cent of employees from switching jobs to that employer.
Seventy-seven per cent believe saving through a PRPP would make it easier for them to reach their retirement goals.
"These survey findings reinforce the concerns Canadians have about the retirement savings gap and their belief that PRPPs can play an important part in bridging that gap," said Reibel.
© Copyright Canadian HR Reporter, HAB Press. All rights reserved.