The Healthcare of Ontario Pension Plan (HOOPP) released its eighth annual retirement survey on Thursday, revealing that 91 per cent of Canadians would contribute nine per cent of their salary to a defined-benefit (DB) pension plan if their employer matched those contributions. The survey highlights the high value Canadians place on guaranteed lifetime retirement income amid ongoing financial strain and inconsistent saving behaviour.
Defined-Benefit Plans Remain the Gold Standard
HOOPP's report, based on responses from 2,000 Canadians surveyed in early April 2026, underscores the appeal of DB pensions, which provide a guaranteed income for life, unlike defined-contribution (DC) plans that leave investment decisions and risk with individuals. According to HOOPP, “Among Canadians, financial strain and inconsistent saving behaviour continue to reinforce the value of DB pensions.”
The survey found that younger Canadians are especially willing to go to great lengths to secure a DB pension. Most said they would change jobs or relocate to a more distant location to obtain one, and a majority indicated they would accept lower pay in exchange for a better or any pension.
Saving for Retirement Remains a Top Concern
Having enough money to retire ranks among Canadians’ top five concerns, HOOPP reported. Inflation and its effect on daily living costs are ongoing worries. The survey found that only 58 per cent of non-retired respondents have saved for retirement at any point, and less than half saved in the past year.
Nearly four in ten (38 per cent) said they are not keeping pace with their current standard of living, a five-percentage-point increase from 2025. HOOPP, which manages $132 billion in net assets, noted that these figures reflect persistent financial stress.
Shifting Views on Home Ownership for Retirement
Canadians are rethinking the role of home ownership in retirement funding. Almost half of respondents said building home equity is no longer the best way to prepare for retirement. When forced to choose, more people said they would rather have a guaranteed pension for life than own a home. HOOPP stated, “Workplace pensions are increasingly viewed as protective and more valuable in uncertain times.”
Economic Uncertainty Impacts Retirement Savings
A separate survey by EQ Bank, conducted in mid-May 2026, found that a slight majority of respondents believe elevated economic uncertainty is negatively affecting their retirement savings, investments, and pension income. Among homeowners aged 45 and up who are already retired, many are cutting back spending in areas such as dining out, buying treats, and postponing vacations and home renovations due to financial worries.
About six in ten respondents worry about their financial comfort in retirement, with the figure rising to nearly eight in ten for those aged 45 to 54. However, worry decreases for older homeowners aged 55 to 75-plus who have already permanently retired.
