Retirement Planning - Canada - August 2014
“The financial industry needs to go beyond projecting retirement dollar amounts and offer solutions that include effective decumulation strategies and more customized long-term insurance products that are aligned to government health care coverage.”
– Sanjay Sharma, Senior Financial Services Analyst
This report looks at the following areas:
- Countering worry factors through more mass-marketed integrated retirement solutions
- Boosting trust in banks and credit unions
- Using simple messaging and investment strategies to boost engagement
- Winning over the Chinese Canadian consumer
Canada’s population is aging, with significant growth in the over-65 population expected in the coming years. As a result, demand for retirement planning advice and insurance solutions will continue to increase. Although the life expectancy of Canadians continues to rise, the population is not necessarily getting healthier and this increased life expectancy is predicted to be accompanied by many older consumers dealing with serious illnesses such as hypertension and diabetes.
Two market values that can be used to estimate the size of the retirement planning market include a value of $1.3 trillion for Canadian employer-sponsored pension funds, and assets in TFSAs of $62 billion at the end of 2013.
This report covers the drivers of the retirement planning industry in Canada, exploring trends related to ownership, amount of savings, types of retirement planning activities, most trusted sources of advice and attitudes towards personal financial management.
The majority of this report covers the subject of private pension plans such as RRSPs and TFSAs (except for a short section on government retirement programs in Market Drivers).
Canada’s retirement system is funded by three pillars: Old Age Security/Guaranteed Income Supplement; Canada/Quebec Pension Plan and tax-advantaged non-government plans such as employer pension plans, RRSPs and TFSAs. Additionally, many Canadians have private non-registered savings, investments and insurance products.
Market size information includes employer pension plans, registered retirement savings accounts, tax free saving accounts, segregated funds and annuities. It does not include savings and investments in non-registered accounts.
The amount of retirement savings covered in the section on The Consumer – Amount of Retirement Savings includes employer pension plans.
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