Survey Shows Canadians Willing to Pay for Better Retirement Benefits
A recent survey found that 62% of Canadian employees would be willing to pay more out of their paycheque in order to receive a more generous retirement benefit. The survey conducted by Willis Towers Watson polled over 2,000 Canadian employees and found that 65% of employees would be willing to pay more in order to receive a pension that was guaranteed for life.
Paying for improved retirement benefits spanned all age groups, with 71% of baby boomers, 65% of Generation X, and 56% of Generation Y stating they would pay a higher amount out of their pay each month to ensure a guaranteed retirement benefit.
For those employees who expect to retire after the age of 70, 54% of them indicated having above average stress levels, compared to 30% of those expecting to retire before 65. For those expecting to retire after age 70, 46% say they’re in good health, while 61% of those who expect to retire before age 65 said the same. 36% of employees who expect to work past age 70 feel they’re stuck in their jobs, compared to 27% of those who anticipate retiring before age 65.
Article source: 62% of Canadians Would Pay for Better Retirement Benefit by Benefits Canada (June 15, 2016).