Many Canadians Would Choose a Better Pension Over a Higher Salary

Healthcare of Ontario Pension Plan Says Canadians' Anxiety Is High Over Saving For the Future

Four people out of five would opt for a pension contribution over a salary hike according to a national poll.

The Healthcare of Ontario Pension Plan (HOOPP) survey indicates about 75 percent of Canadians are more worried about saving for retirement than they are about current personal debt. Eight out of ten say they’d choose a better pension, or any pension, over a higher salary, while 81 percent of those surveyed say the shrinking of workplace pension coverage will reduce the overall quality of life.

“It is clear that Canadians have a high level of anxiety around retirement security and that we, as a country, need to talk about how to address this growing concern,” said Jim Keohane, President & CEO, HOOPP. “HOOPP’s research from last fall, about the five value drivers that make retirement more affordable, show there are options. Today’s survey results, combined with our research on the value drivers, can help drive a conversation and meaningful action toward more affordable retirement savings for more Canadians.”

Other key findings from the research include:

  • Seventy-eight percent believe there is a moral obligation to ensure children today have pensions of the same coverage and quality their parents and grandparents had.
  • Eighty-three percent believe government should modernize regulations to allow for more innovative pension plans and savings arrangements.
  • Eighty percent would rather employers make direct contributions to a retirement plan over receiving that money as salary.
  • Seventy-six percent believe governments can save money by supporting pensions that are more affordable.