Financial plans and CPP knowledge empower Canadians to face retirement fears with greater certainty
Nearly six in ten Canadians fear they will outlive their retirement savings—a concern that remains stubbornly high, especially among women and younger adults, according to the 2025 Financial Literacy Month Retirement Survey by CPP Investments.
This anxiety is not unfounded: 66 percent of Canadians aged 28–44 and 63 percent of women of all ages say they are afraid of running out of money in retirement, compared to 55 percent of men.
However, the survey reveals that confidence grows significantly when individuals have a financial plan in place.
Among non-retirees, 52 percent cite having a financial plan as the main reason they are not afraid of outliving their retirement income.
Understanding the role of the Canada Pension Plan (CPP) also plays a critical part in alleviating retirement stress.
Seventy-three percent of Canadians plan or do rely on CPP for part of their retirement income, and 71 percent express pride in Canada’s retirement fund.
The CPP provides lifelong, inflation-protected benefits, and is projected to be financially sustainable for at least the next 75 years, with the fund expected to surpass $1tn by 2031.
Barriers to retirement planning remain, particularly for younger Canadians.
Among non-retirees without a retirement plan, 59 percent say they need to earn more money and 49 percent need to pay down debt before focusing on retirement.
Priorities such as career advancement (53 percent) and home ownership (47 percent) also delay planning for those aged 18–34.
Trusted relationships and credible sources are key to building financial confidence.
Forty-eight percent of Canadians credit someone in their life—often a family member or professional—with playing an important role in their financial education.
Most Canadians turn to official sources such as banks, financial advisors, and government programs for retirement planning guidance.
Michel Leduc, senior managing director and global head of Public Affairs and Communications at CPP Investments, emphasized that “running out of money in retirement is a deeply rooted concern, but Canadians already have a dependable foundation in the CPP—one that provides lifelong, inflation-protected benefits.”
He added that understanding how the CPP works, along with planning and seeking reliable advice, can help reduce stress and boost confidence in one’s financial future.
The survey, conducted online with a nationally representative sample of 4,000 Canadians outside Quebec, underscores the importance of financial literacy, trusted guidance, and proactive planning in securing retirement confidence.
