Many Canadians don’t have a workplace retirement plan

Fewer than half of Canadians 25 years of age and older have a workplace retirement savings plan, finds the Manulife Investor Sentiment Index.

Most Canadians are risk averse in their approach to saving and investing and are likely missing some opportunities to safely increase their savings, such as maximizing an employer-sponsored pension plan.

Read: Advising (really) early retirees

When it comes to planning for retirement, the survey shows 6% of working Canadians are less likely to consult a financial advisor to help manage their workplace retirement plan.

When it’s time to retire, 66% are likely to keep the investments within their employer plan and begin to draw an income when they retire rather than transfer the assets to another financial institution.

Also read:

IRS drops Form 8891 for RRSPs

Russell launches retirement tool

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.