Six Quebecers out of ten financially plan their retirement

Québec, June 7, 2016 – In 2014, slightly more than six out of ten Québec adults stated they were preparing for their retirement with a personal savings plan or their employer’s retirement plan. This proportion was lower than what was observed in Nova Scotia and the Prairies. People with a weaker grasp of financial matters were more likely to not have a financial retirement plan. As one would expect, those stating they had a higher income and those with a job were more inclined to set money aside in anticipation of their departure from the work force.

Relatively fewer Quebecers than other Canadians would consider holding a job during retirement

Government or employer pension funds constituted the main sources of expected retirement income. From among alternative sources of income, Quebecers were less likely to consider selling financial or non-financial assets than those living in the rest of Canada. Furthermore, only one Quebecer out of five planning his or her retirement counted on holding a job during retirement, while at least one person out of three in the other provinces expected to do so.

The percentage of Québec workers covered by a defined benefit plan dropped, but remained higher than for workers in other provinces

Québec stands out from among the other provinces on account of the greater proportion of employees belonging to a defined benefit pension plan offered by their employer, despite the relative drop in this number between 2000 and 2014 (from 40% to 36%). However, Québec generally had the lowest rate of employees belonging to a defined contribution plan during this period. About 5% of Québec employees belonged to this type of plan in 2014, while the percentage ranged from 5% to 21% in the other provinces.

These results come from articles published today in the bulletin Données sociodémographiques en bref, based mainly on data from Statistics Canada’s Canadian Financial Capability Survey.

 


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