Apr. 13: BEST OF THE BLOGOSPHERE

April 13, 2026

More Canadians save, but many worry if they’re on target

Retirement savings in Canada offers us a good news, bad news story, writes Jim Wilson for Canadian HR Reporter.

Wilson reports that a recent Edward Jones Canada survey’s results suggest that Canadians “remain confused, anxious, and unprepared for life after work,” despite the fact that more of us are saving and joining workplace pension programs.

Of the 70 per cent of survey respondents who reported “negative emotions” about retirement savings, “40 per cent say they feel confused, 37 per cent are unsure they are maximizing their registered retirement savings plan (RRSP) opportunities, and 36 per cent are worried they are not contributing enough for a financially secure retirement,” Wilson writes.

The survey, he continues, uncovered a gap in knowledge about “retirement mechanics.”

“Fewer than six in 10 (56 per cent) of respondents understand the value of tax deductions and 55 per cent grasp the tax implications of withdrawals. Only 53 per cent feel confident about what happens when an RRSP matures, while 66 per cent say they understand the annual contribution deadline,” the article explains.

“What we’re seeing is a generation that knows they need to save for retirement but lacks the confidence that they’re doing it right,” Edward Jones Canada’s Julie Petrera tells Canadian HR Reporter.

The survey found that more Canadians (41 per cent versus 39 per cent) planned to contribute to RRSPs this year, with 15 per cent intending “to contribute the maximum,” Wilson reports. While nine per cent said they couldn’t afford to contribute, that’s better than the previous year, where 10 per cent said they wouldn’t, the article adds.

Wilson’s article then takes a look at some pension plan participation numbers from the Financial Services Regulatory Authority of Ontario (FSRA).

“In Ontario, workplace pension membership increased by more than 200,000 people in 2025, an average of 549 new members per day compared with 2024, according to data from the Financial Services Regulatory Authority of Ontario (FSRA),” the article reports.

“From those numbers, more than 175,000 people joined defined benefit (DB) plans (up six per cent) and more than 58,000 joined defined contribution (DC) plans (up nine per cent),” Wilson notes.

(In a DB plan, the benefit – or payout – is what’s “defined” by a formula that usually looks at your earnings and years of service in the plan. With DC, what is “defined” is how much money you (and sometimes your employer) contribute; your payout is based on how well the money has been invested when you apply to collect it.)

However, that good news is tempered a bit by the fact that the FSRA research found “that eight in 10 respondents have not fully developed a retirement plan and 66 per cent have not calculated how much money they will need in retirement,” Wilson reports.

“One in two cannot recall the last time they spoke to someone about saving, and 50 per cent of pension members do not read their annual pension statement, based on a survey of 1,000 adult Ontarians conducted in 2024,” he adds.

The article concludes by going over some of the steps HR departments can take to help employees on their retirement journey, particularly in starting the conversation about the retirement program early.

If you don’t offer a workplace pension program for your team, the Saskatchewan Pension Plan may be just what you’ve been looking for to attract and retain top talent.

Employers can choose to offer SPP to their employees – several options are available (Pensions Plans for Businesses | Employee Pension Plans). In all cases, the bulk of the administrative work, such as delivering annual statements and tax slips, is handled directly by SPP.

SPP is also a great “do it yourself” savings program for those among us who don’t have a workplace pension program.

Check out SPP today!

Join the Wealthcare Revolution – follow SPP on Facebook!

Canadian HR Reporter

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