A new survey shows that 59% of Canadians are worried that they might outlive their savings. Conducted on behalf of CPP Investments, the findings suggest that anxiety about retirement is widespread, yet those who take concrete steps, such as having a financial plan or understanding the role of the Canada Pension Plan (CPP), tend to feel more confident about their future.
“Understanding how the CPP works, coupled with having a plan and seeking reliable advice, can help reduce stress and give people more confidence in their financial future,” Michel Leduc, senior managing director & global head of public affairs and communications at CPP Investments, said in a statement.
Don’t Miss
- Want to retire with an extra $1.3M? See how Dave Ramsey’s viral 7-step plan helps millions kill debt and build wealth — and how you can too
- The Canadian economy shrank in Q2 2025 — protect your wallet with these 6 essential money moves (most of which you can complete in just minutes)
- Boomers are out of luck: Robert Kiyosaki warns that the ‘biggest crash in history is coming’ — here’s his strategy to get rich before things get worse
Retirement worries are widespread
Within the survey, 52% of non-retirees admit having a financial plan gives them greater confidence that they won’t run out of money in retirement. Moreover, Canadians who expect the CPP to be part of their retirement income report having less stress (49%) versus those who do not count on the CPP (39%) while 52% say they’re confident their savings will last, compared to 44% of non-CPP users.
The results also highlight that stress about retirement is felt throughout different age groups.
Anxiety peaked among those aged 55-59 and remained high among non-retirees: 55% of non-retirees said they do not have a formal retirement plan, and more than 44% of retirees said the same. Among younger Canadians aged 18-24, the data shows 68% feel “a lot of anxiety” about making the wrong financial decisions — the highest of any age group.
According to Statistics Canada, while the median net worth of Canadian families was $519,700 in 2023, among pre-retirement households headed by those aged 55 to 64 who rent and don’t have an employer pension plan, the median net worth was only $11,900.
These figures underscore the fact that many Canadians are carrying heavy financial burdens and lack the cushion often associated with a secure retirement outlook.
Read more: Are you drowning in debt? Here are 3 simple strategies to help crush your balance to $0 in no time
Planning makes a difference — yet many delay
According to the survey, nearly one in two Canadians (48%) said that someone in their life — a family member, mentor or teacher — played a key role in their financial education. That influence appears to correlate with higher confidence: Canadians with trusted financial mentors reported lower stress about retirement planning.
However, significant barriers remain. Among non-retirees who don’t have a retirement plan, 59% say they need to earn more money and 49% cite existing debt as a reason. Among younger people aged 18-34, 53% say advancing their career comes before retirement planning, and 47% say buying a home takes priority.
“Confidence is a powerful enabler,” Leduc said. “Canadians who feel secure about the CPP’s role in their retirement are more willing to take proactive steps … that ultimately improve their financial outcomes.”
The gender gap remains another concern: 63% of women worry about running out of money in retirement compared to 55% of men. Additionally, women are also less likely to have a formal plan in place, according to the survey.
While planning doesn’t erase every risk, the data makes clear that engaging early with a strategy, understanding how the CPP fits in and leaning on trusted guidance can reduce anxiety and move Canadians closer to more a secure retirement.
What To Read Next
- Here are 5 expenses that Canadians (almost) always overpay for — and very quickly regret. How many are hurting you?
- Ray Dalio just raised a red flag for Americans who ‘care’ about their money — here’s why Canadians should limit their exposure to U.S. investments
- I’m almost 50 and don’t have enough retirement savings. What should I do? Don’t panic. Here are 6 solid ways you can catch up
- Here are the top 7 habits of ‘quietly wealthy’ Canadians. How many do you follow?
This article originally appeared on Money.ca under the title: Canadians remain anxious about retirement — but planning helps, survey finds
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.