NIA report highlights importance of retirement planning education
April 17, 2026
A new report from the National Institute on Ageing (“NIA”) on understanding and communicating the value of workplace retirement plans examines why employees tend to favour immediate compensation over deferred retirement plan benefits and outlines communication-based strategies plan administrators can use to strengthen member engagement and understanding of plan value.
Drawing on behavioural economics research and findings from the NIA’s 2025 Ageing in Canada Survey, the report explains that workplace retirement plans are often undervalued earlier in the working life, when employment and savings decisions are being made. Features such as employer contributions, lifetime income options and defined benefit pensions tend to be fully appreciated only as retirement approaches.
The survey goes on to show that more than 90% of respondents receiving defined benefit pension income report that it is an important source of household income, including two-thirds who describe it as essential.
To help bridge the gap, the report outlines three communication-focused approaches to improve understanding of the benefit of retirement savings decisions in early career stages:
- Reframing retirement planning: Encouraging a shift from an accumulation mindset to a decumulation mindset by highlighting how retirement savings translate into income and spending in retirement.
- Broadening how value is presented: Placing greater emphasis on non-financial aspects of retirement income security, such as confidence in retirement, protection against emotional toll of market swings, and reduced reliance on family support.
- Improving planning tools: Supporting the use of different tools based on individual circumstances that show entitlement projections and net spendable income projections based on how workplace pensions interact with public pensions, taxes, and household income.
Click on ‘More information’ below to read the report:
