A new survey from CAAT Pension Plan suggests many Canadians may be misjudging how they will fund retirement, with a significant gap emerging between expectations among workers and the experiences of retirees.
The report found that while one in four working Canadians expect personal savings to serve as a primary source of retirement income, only 15 per cent of retirees say that is the case in practice. Instead, retirees are more likely to depend on public pensions and workplace plans, with 58 per cent primarily relying on CPP and OAS.
The findings, outlined in CAAT’s “Nine Realities of Canadian Retirement” insight brief, point to broader challenges in how Canadians plan for retirement and where assumptions diverge from actual outcomes. The study surveyed both working Canadians and retirees, allowing for direct comparisons between expectations and lived experience.
The report highlights the central role workplace pensions continue to play for those who have access to them. Among retirees with a pension, defined benefit income accounts for 48 per cent of retirement income, underscoring its importance relative to personal savings.
It also points to widespread financial anxiety tied to retirement. Nearly half of Canadians surveyed — 49 per cent — said they worry about outliving their savings, while 60 per cent expressed concern that inflation will erode their retirement income.
Kevin Fahey
“Canadians are trying to do the right things financially, but many still feel uncertain about retirement,” said Kevin Fahey, Acting CEO and Plan Manager and CIO of CAAT Pension Plan. “Our research suggests the retirement system increasingly places the burden of navigating complex financial decisions and long-term risk on individuals themselves. Even people who are actively saving and planning can find that difficult to manage with confidence over time.”
The survey suggests that many Canadians may overestimate the role their own savings will play, while underestimating the extent to which institutional supports — including pensions and government programs — contribute to retirement income.
At the same time, respondents indicated that access to workplace pensions affects both financial preparedness and employment decisions. Eighty-two per cent said they are more likely to take a job that offers a pension, while 58 per cent said lacking access to a workplace pension limits their ability to save.
The report also suggests that Canadians often adjust their expectations about retirement timing rather than changing saving habits early when faced with financial pressure. It adds that workplace pension plans can help translate intentions into consistent action by simplifying and automating savings.
Despite concerns about relying too heavily on government support, most Canadians surveyed said it is unrealistic to expect public programs alone to provide sufficient retirement income. However, the report notes strong support for policies aimed at making retirement saving more accessible and easier to navigate.
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The findings also point to broader workforce implications, suggesting that retirement security is increasingly tied to talent attraction and retention as workers place higher value on pension offerings.
“Retirement security is about much more than savings alone,” added Fahey. “Our findings suggest Canadians are looking for more predictability, more clarity, and retirement solutions that are easier to navigate with confidence.”
The research was conducted by Spark through an online survey of 3,317 Canadian adults between Nov. 30 and Dec. 5, 2025. The sample was nationally representative, with a margin of error of plus or minus 1.7 percentage points, 19 times out of 20.
CAAT said the report is intended to inform discussions around retirement readiness, workplace benefits and the future design of retirement systems in Canada.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024, 2025 and 2026.
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