Canadian Retirement Anxiety Persists Despite Steady Savings
Event summary
- 70% of Canadians report negative feelings about RRSP contributions, with confusion being the most prevalent emotion (40%).
- RRSP contribution intentions remain steady at 41%, aligning with 39% in 2025 and showing a rebound from 41% in 2024.
- Financial pressure remains a significant barrier, impacting 42% of Canadians, up from 39% last year.
- Younger adults (18-34) exhibit the highest levels of negative emotions (84%) and lowest financial literacy (36%) regarding RRSPs.
- Canadians aged 55+ are significantly more likely to have a financial advisor (48%) and report feeling 'on track' for retirement (45%).
The big picture
This survey underscores a growing disconnect between the recognized need for retirement savings and the confidence Canadians have in their ability to achieve it. Edward Jones's findings suggest a significant opportunity to leverage financial advisors to address this gap, but also highlight the broader challenge of improving financial literacy across generations, particularly among younger adults facing increasing financial pressures. The steady contribution rates despite negative sentiment suggest a degree of inertia, but also a potential vulnerability if economic conditions worsen.
What we're watching
- Adoption Rate
- The rebound in RRSP contribution intentions among younger adults will need to be sustained to offset the long-term demographic trends impacting retirement savings.
- Advisor Impact
- Edward Jones's emphasis on advisor relationships highlights the potential for personalized financial guidance to improve confidence and engagement, but the cost of scaling this model remains a key challenge.
- Regulatory Response
- Increased consumer anxiety around retirement planning may prompt regulatory scrutiny or initiatives aimed at improving financial literacy and simplifying investment products.
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