and Pensions The public is more engaged and concerned than we - PowerPoint PPT Presentation

Public opinion research Retirement Security and Pensions The public is more engaged and concerned than we assume Survey of 2,500 Canadians

61% of Canadians Believe: “With the way the economy is going, there will be more threats to my quality of life in the future than there will be opportunities to improve it.” 2

What do Canadians think about pensions and retirement security? 3

Here’s what our survey of 2,500 Canadians, conducting in late Spring found. 4

Half have access to workplace pensions Decline in pension quality well understood 5

Concern about retirement savings is on par with cost of living concerns not at all concerned very concerned Having enough 75% 16% 18% 15% 26% money in retirement Canadians concerned Cost of living your day 82% 20% 18% 26% 18% to day life Canadians concerned 1-not at all concerned 2 3 4 5 6 7 8 9- very concerned Greater than concerns about… • Taxes • Physical/mental health • Personal debt • Government debt How would you rate your concern about each of the following for you, personally, on a scale of 1-9, where 1 means you are not at all concerned about it and 9 means you are very concerned about it? 6

Compared to 20 years ago, is the number of workplaces offering pensions… 27% 30% 8% 11% 24% Signifigantly more Somewhat more Somewhat fewer Signifigantly fewer The number has not changed Who is to blame.. 14% 45% 38% 3% Employers/corporations not willing to pay for them 24% 40% 29% 7% Government not ensuring these be preserved The primary driver A big driver Played some role Did not play a role at all Do you generally believe that today, compared to 20 years ago, there are: And what role would you say each of the following factors have had in this erosion in workplace pensions? 7

Canadians understand scale of problem They see an emerging crisis 8

Call to actions resonate: retirement affordability a must; most even see a crisis; workplace pensions play a role % agree We must make saving for retirement more 89% 1. affordable The shrinking of workplace pension 81% 2. coverage will reduce the quality of life for the average person There is an emerging retirement income 77% 3. crisis The shrinking of workplace pension 4. 76% coverage hurts the economy Do you agree or disagree that… 9

Nearly all prioritize pensions over salary 10

Would you rather… Receive money Receive direct for pension plan contributions to a as salary pension plan 22% 78% 11

High demand for pensions, government can help 12

Canadians’ ask to government: save public money by modernizing regulations % agree Government should modernize regulations to 1. 83% allow for more innovative pension plans and savings arrangements. Government can save money by supporting 2. 76% pensions that are more affordable. Do you agree or disagree that… 13

Retirement security considered a moral obligation 86% All workers should have a pension that guarantees a % of working income, in retirement 78% It’s a moral obligation that children today have same pension quality and coverage as the past 73% Companies can afford to offer good pensions, regardless of economic conditions Do you agree or disagree that… 14

What does this mean? 15

Final Thoughts David Coletto, PhD www.abacusdata.ca 16