Retirement planning engagement is low despite high product ownership. This disconnect highlights the need to connect retirement savings to immediate financial goals, making planning more relevant. Many lack confidence in their retirement savings, indicating a need for clearer guidance. Economic pressures are driving increased budget awareness, creating an opportune moment to shift passive habits into active planning.
A significant retirement planning gap exists for women across generations. They need support from an early age through retirement. Addressing this requires targeted resources and guidance to ensure their long-term financial security.
Perceived financial wellness, more so than income, is the key driver of retirement savings worries. Making retirement planning feel possible for everyone, regardless of income, is crucial. Improving financial well-being now leads to better retirement outcomes. Resources are needed to address current financial stress.
Health concerns compound retirement anxieties. Worries about future healthcare costs highlight the need to encourage investment in personal health. This holistic approach to well-being is essential for a secure and comfortable retirement.
This report looks at the following areas:
- Retirement savings products owned
- Types of retirement planning activities consumers have done
- Concerns about retirement
- Retirement income planning actions taken in the past year
- Perceived ability to plan and save for retirement
- Worries about health and healthcare costs in retirement
Retirement readiness hinges on engagement. Economic pressures drive greater attention towards savings, opening the door to shift consumers to active planning.
Vince DiGirolamo, Director, North America Reports
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EXECUTIVE SUMMARY
- What you need to know
- Market predictions
- What consumers want & why
- Opportunities
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THE MARKET
- Market context
- Longer lives mean a greater need for planning
- Graph 1: population estimates on July 1, by age
- Consumers are optimistic and focused on saving
- Approach to budgeting and financial management informs retirement planning
- Canada Pension Plan Expansion leads to increased benefits and potential trade-offs
- Market drivers
- Canada’s inflation has seen relief since 2022, but future fears may cool retirement saving efforts
- Graph 2: GDP percentage change vs previous month
- Consumers prioritize savings and debt reduction despite lower interest rates
- Graph 3: Bank of Canada target overnight interest rate, 2023-25
- The income gap widens as investment profits soar for the wealthy, while low-income workers see only modest wage increases
- Graph 4: average household net savings by income quintile, dollars, 2020-24
- Building a financial foundation: Canadian households prioritize savings amidst economic volatility
- Graph 5: 12-month percentage change in the Consumer Price Index, 2020-25
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CONSUMER INSIGHTS
- Consumer fast facts
- Retirement account ownership
- Though overall ownership is high, engagement is low signifying a need to increase relevance by linking more immediate financial goals
- Graph 6: retirement account ownership, 2024
- Appeal to younger generations and young parents by focusing on more immediate goals, with the added bonus of retirement savings
- Opportunity exists to increase relevance of TFSAs for Gen Zs and Millennial parents
- Graph 7: retirement product ownership, TFSA and RRSPs, by generation, 2024
- TD highlights real money discussions to help make them less stressful and awkward
- Gen X women are at their peak earning years, but lag behind their male counterparts in retirement planning; FIs can help them take charge
- Graph 8: retirement product ownership, RRSPs by age and gender, 2024
- Promote TFSAs as a good option to help meet immediate and longer-term goals for lower income
- Graph 9: pension plans/accounts owned, by annual household income, 2024
- Retirement planning behaviours
- Engagement with retirement planning is soft; the time is now to increase engagement as economic uncertainty drives greater attention to budgets
- Few Canadians are actively taking action towards retirement planning
- Graph 10: retirement planning behaviours, 2024
- Young people prioritize present needs over distant retirement; tie in retirement planning when reaching them about financial management
- Graph 11: retirement planning behaviours, by age, 2024
- Wealthsimple appeals to Millennials through real-life stores: how a “forget it fund” turned an employee into an entrepreneur
- From 25 to Gen X, the retirement planning gap for women needs to be addressed
- Graph 12: retirement planning activities, by gender and age, 2024
- Koho helps “squirrel away” savings and highlights how 5% interest can be a good way to bring home the gold
- Retirement concerns
- High ownership of retirement products is not translating into comfort about saving enough for retirement; more guidance is clearly needed
- Graph 13: retirement concerns, 2024
- Kinetic Credit Union offers prize-linked savings
- Rather than income, perception of financial wellness is a key determining factor to worries about saving enough for retirement
- Feeling financially stretched is a greater hindrance to retirement planning action than income
- Graph 14: not having enough money saved, by perceived financial health, 2024
- Graph 15: not having enough money saved, by income, 2024
- YNAB helps people allocate money intentionally rather than just tracking savings
- Starting at a young age, women are worried about having enough saved for retirement
- Graph 16: retirement concerns – not having enough money saved, by age and gender, 2024
- Gen X women  need help getting across the finish line
- Consider partnerships with resources for Gen X women to navigate change in broader aspects of life
- Changes in retirement planning
- Retirement planning is often passive, mirroring loose money management habits; however, economic pressures are increasing attention to budgeting
- Graph 17: changes in retirement planning, 2024
- Wealthsimple calls out the need to have a plan to navigate risk in an uncertain time
- Gains will be had by catering more to Millennial moms
- Graph 18: changes in retirement planning, mothers vs fathers with children under 18 at home, 2024
- There is a need to make retirement planning to feel possible for any income
- Those who feel financially stretched are less likely to own products, and thus less likely to take retirement planning actions
- Graph 19: changes in retirement planning, any changes made (NET), by perceived financial health, 2024
- Graph 20: changes in retirement planning, any changes made (NET), by income, 2024
- The ability to take action towards retirement planning is impacted by income and perceived financial stability
- Graph 21: retirement planning activities, by income, 2024
- Graph 22: retirement planning activities, by perceived financial health, 2024
- Attitudes toward retirement planning
- Lack of engagement, confidence, and economic conditions are impacting the ability to plan and save. Consider incentives to motivate savings
- Attitudes to retirement planning reflect a lack of confidence and lack of know-how to navigate current economic conditions
- Graph 23: retirement planning attitudes, 2024
- Wealthsimple incentivizes people to enjoy the wait as they build up wealth
- Worries about poor health and paying for future healthcare costs call for a need to encourage consumers to invest in themselves
- Canadians worry about paying for future healthcare and lack of government support when they retire
- Graph 24: financial concerns in retirement, 2024
- Paceline incentives physical activity with cashback rewards
- Consider positioning managing wellness as a financial priority
- Women need support from an early age and crossing the finish line
- Graph 25: retirement planning attitudes, by gender, 2024
- Financial wellbeing shapes retirement readiness; resources are needed to address financial stress now to attain better retirement outcomes
- Graph 26: retirement planning attitudes, by perceived financial health, 2024
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COMPETITIVE STRATEGIES
- Marketing and advertising
- Lincoln Financial shifts retirement planning narrative to action planning
- Amundi recognizes range in financial goals during back-to-school
- AARP appeals to Gen X with “This is Pretirement”
- Ellevest aims to close the gender investing gap
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APPENDIX
- Consumer research methodology
- Consumer research questions
- Generations
- Abbreviations and terms
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