Benefits and Pensions Monitor: MFS survey reveals 60% of Canadian pension plan members are reconsidering their retirement plans
June 21, 2024
Benefits and Pensions Monitor (BPM) recently reviewed insights from a 2023 MFS Investment Management survey. According to BPM, the survey highlights that 70% of Canadian plan members feel pressured to save more than planned for retirement, and more than half (54%) report that they will have to work longer due to the current economic environment.
BPM also notes the survey reveals significant concern about recent market events, with 60% of members reconsidering their retirement plans due to record inflation. This sentiment is shared across genders, with 58% of men and 62% of women feeling anxious. As a result, retirement confidence has diminished, with 69% of members not confident in retiring at their desired age.
Top financial concerns from the study include inflation, retirement income and market volatility. Women worry most about inflation (56%), retirement income (51%) and market volatility (39%), while men's concerns are similar, with 49% worried about inflation and retirement income and 40% about market volatility, reports BPM.
To read the full report, click on more information below:
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