Annual IG Wealth Management Retirement Study: Decline in Guaranteed Employer Pensions Leaving Many Canadians Underprepared for Retirement

Executive Summary

• IG Wealth Management released its annual retirement study showing a sharp decline in employer‑sponsored pension coverage, with only 48 % of non‑retired Canadians having a workplace plan.
• The study highlights major knowledge gaps: just 11 % know the income they’ll need in retirement and 67 % have never stress‑tested their plans against economic risks.
• Emotional strain is high—53 % feel negative about retirement—and only 36 % currently work with a financial advisor, underscoring the need for professional guidance.

Key Details

• Pension Coverage: 48 % of non‑retired Canadians have an employer‑sponsored pension (DB or DC).
• Plan Awareness: 25 % of pension holders cannot identify whether their plan is DB or DC.
• Retirement Planning: Only 33 % of non‑retired Canadians have a retirement savings plan.
• Income Need Knowledge: 11 % know the annual income required for retirement; 49 % say they do not know at all.
• Financial Literacy Gaps: ~40 % understand key tools such as OAS, RRIF, or retirement‑income taxation.
• Risk Consideration: Less than one‑third have factored inflation, health‑care costs, market downturns, or longevity risk into their plans; 67 % have not stress‑tested against major risks.
• Emotional Sentiment: 53 % express negative feelings about retirement, citing insufficient savings and uncertainty.
• Advisor Utilization: 36 % work with a financial advisor; among those, 87 % say advisors help optimize plans, 83 % educate on risks, 82 % coach toward goals, and 84 % keep them on track.
• Survey Methodology: Conducted by Pollara Strategic Insights for IG Wealth Management; online survey of 1,350 adult Canadians (non‑retired) from Jan 9–14, 2026; margin of error ±2.7 %; weighted by gender, age, and region to reflect the national population.

Notable Quotes

• “The decline of defined benefit and contribution pension plans has fundamentally shifted the burden of retirement planning onto individuals in recent years,” – Christine Van Cauwenberghe, Head of Financial Planning, IG Wealth Management.
• “An advisor can help build a retirement plan that accounts for taxes, longevity, income sources, and risk – the pieces most people struggle with on their own.” – Christine Van Cauwenberghe.