Nine Key Findings Reveal Gaps Between Canadians’ Retirement Expectation and Reality

TORONTO, June 18, 2026 /CNW/ – Most Canadians expect that they can fund retirement themselves. Retirees tell a different story.

A new study uncovers a striking disconnect between what Canadians expect their retirement to look like and what’s actually happening on the ground:

• One in four working Canadians expect personal savings to be a primary source of retirement income, but only 15% of retirees actually report using it as a primary source of retirement income
• Retirees are far more likely to rely on public programs and workplace pensions (with 58% primarily relying on CPP/OAS)
• Defined benefit pension income accounts for 48% of retirement income (for those with a pension)

These findings are part of a new CAAT insight brief, Nine Realities of Canadian Retirement, which explores how Canadians think about retirement, where expectations diverge from reality, and why retirement planning increasingly feels difficult to navigate. CAAT surveyed both working Canadians and those already retired, a differentiated approach in pension research as it allowed for real time comparisons on what working Canadians expect with what retirees experience in practice.

Among the findings:

• 49% of Canadians worry about outliving their savings in retirement
• 60% fear inflation will erode their retirement income
• Canadians expect personal savings to fund retirement, yet retirees rely far more heavily on pensions, even more so on defined benefit pensions, and government programs in practice
• 82% say they are more likely to take a job that offers a pension
• 58% say lacking access to a workplace pension limits their ability to save
• Most Canadians say it is unrealistic to expect government to provide enough retirement income on its own. But there is overwhelming support for policies that make retirement saving easier and more accessible

The research also suggests retirement challenges are not simply about personal discipline or motivation.

“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, 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 CAAT Pension Plan research highlights several recurring themes:

• Canadians often overestimate how much retirement income will come from personal savings alone
• Many people adapt to financial pressure by delaying retirement expectations rather than changing saving behaviour early
• Workplace pensions help turn good intentions into consistent action by reducing complexity and automating saving
• Canadians are open to retirement solutions that provide more security, simplicity, and structure

The report also points to the growing workforce implications of retirement security. More than eight in ten Canadians surveyed said they would be more likely to join an employer offering a pension.

“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 CAAT insight brief is intended to contribute to broader conversations around retirement readiness, workplace benefits, and the future design of retirement systems in Canada.

About The Research
The research was conducted by Spark* through an online survey of 3,317 adult residents of Canada aged 18+. The sample was nationally representative, and the survey was fielded from November 30 to December 5, 2025. The approximate margin of error is ±1.7 percentage points, 19 times out of 20.

About CAAT Pension Plan
Established in 1967, the CAAT Pension Plan is an independent, jointly governed plan that offers highly desirable modern defined benefit pensions. Originally created to support the Ontario college system, the CAAT Plan now proudly serves more than 850 participating employers in 20 industries, including the for-profit, non-profit, and broader public sectors. It currently has more than 125,000 members. The CAAT Plan is respected for its pension and investment management expertise and focus on stability and benefit security. On January 1, 2026, the Plan was 124% funded on a going-concern basis.

Learn more at: www.caatpension.ca.

SOURCE CAAT Pension Plan