Three quarters of Canadians worried about future of retirement pensions
Three out of four Canadians are concerned about the future financing of retirement pensions in light of an aging population and slow population growth, according to a new survey.
The study, conducted by Leger Marketing for the Canadian Press, found 31 per cent are very concerned and 44 per cent are somewhat concerned. Fifteen per cent say they are somewhat confident and six per cent are very confident.
But that doesn’t mean Canadians want to see an increase in the retirement age. Nearly 80 per cent said they would oppose setting the official retirement age at 70.
Other results from the survey:
•Negative impact. The majority of Canadians think the aging population is having a negative impact on economic growth (55 per cent), access to the health system (68 per cent) and the government’s public finances (66 per cent).
•Who is responsible? Canadians can’t agree on who should be responsible for retirement pensions, with 43 per cent saying the individual is responsible for his own pension, while 49 per cent think the government should guarantee a pension for every Canadian.
•Under-40s lose. Most Canadians (61 per cent) believe those under the age of 40 will have a worse retirement pension plan than their elders.
•The money factor. Generally speaking, the more a Canadian makes, the less concerned he is about the future financing of retirement plans. Of those making $60,000 or more, 26 per cent felt very or somewhat confident while only 15 per cent of those earning $20,000 or less felt the same way.
The survey, How Canadians Feel about the Financing of Future Pension Plans, was done through telephone interviews of 1,501 Canadians age 18 or older. It was conducted between August 6-11, 2002. The maximum margin of error is plus or minus 2.5 per cent, 19 times out of 20.
The study, conducted by Leger Marketing for the Canadian Press, found 31 per cent are very concerned and 44 per cent are somewhat concerned. Fifteen per cent say they are somewhat confident and six per cent are very confident.
But that doesn’t mean Canadians want to see an increase in the retirement age. Nearly 80 per cent said they would oppose setting the official retirement age at 70.
Other results from the survey:
•Negative impact. The majority of Canadians think the aging population is having a negative impact on economic growth (55 per cent), access to the health system (68 per cent) and the government’s public finances (66 per cent).
•Who is responsible? Canadians can’t agree on who should be responsible for retirement pensions, with 43 per cent saying the individual is responsible for his own pension, while 49 per cent think the government should guarantee a pension for every Canadian.
•Under-40s lose. Most Canadians (61 per cent) believe those under the age of 40 will have a worse retirement pension plan than their elders.
•The money factor. Generally speaking, the more a Canadian makes, the less concerned he is about the future financing of retirement plans. Of those making $60,000 or more, 26 per cent felt very or somewhat confident while only 15 per cent of those earning $20,000 or less felt the same way.
The survey, How Canadians Feel about the Financing of Future Pension Plans, was done through telephone interviews of 1,501 Canadians age 18 or older. It was conducted between August 6-11, 2002. The maximum margin of error is plus or minus 2.5 per cent, 19 times out of 20.
