Four in 10 feel government moving slowly on pension reform: Survey
Increasing Canada Pension Plan (CPP) benefits is a popular notion with British Columbians, as more than three-quarters support such a move, according to a national survey.
"From coast to coast, Canadians support higher CPP benefits," said Paul Moist, national president of the Canadian Union of Public Employees, which conducted the survey along with the Public Service Alliance of Canada. "British Columbians are sending a clear message to federal and provincial politicians who are currently studying ways to improve the CPP."
Eighty per cent of British Columbians also support increasing federal payments to senior citizens and four in 10 believe the government is moving too slowly in reforming Canada's pension system.
While many of the 2,020 people surveyed have set up a retirement savings plan or a tax-free savings account, 35 per cent acknowledge they are not saving for retirement — mostly because they cannot afford to.
And despite the economic downturn, those people who have a workplace pension plan believe their pension benefits are safe and more than 70 per cent prefer a defined benefit plan to a defined contribution plan.
One in four British Columbians are fully confident they will be able to save enough to live comfortably in retirement and three in 10 believe they won't have enough to live comfortably, with lower-income British Columbians being the most pessimistic.
