Financial planning and CPP confidence help ease fears of outliving retirement savings, survey finds
Nearly six in ten Canadians fear they will outlive their retirement savings—a concern that remains stubbornly persistent despite the presence of the Canada Pension Plan (CPP) as a foundational pillar of retirement security.
Michel Leduc, senior managing director and global head of Public Affairs and Communications at CPP Investments, points out 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 maintains that understanding the CPP, making a plan, and seeking reliable advice “can help reduce stress and give people more confidence in their financial future.”
The 2025 CPP Investments Retirement Survey reveals that 59 percent of Canadians are afraid of running out of money during retirement. This anxiety is even more acute among women (63 percent) and those aged 28-44 (66 percent).
However, the survey also finds that Canadians who have a financial plan are significantly less likely to share this fear. Among non-retirees, 52 percent cite having a financial plan as the top reason they are not afraid of running out of retirement income.
Confidence in the CPP itself plays a critical role in reducing retirement anxiety.
Seventy-three per cent of Canadians plan or do rely on CPP for part of their retirement income, and 71 percent say they are proud that Canada has a retirement fund like the CPP.
The CPP’s design—providing benefits as long as you live and indexing them to inflation—offers a dependable foundation, yet knowledge gaps and planning barriers persist.
Barriers to retirement planning vary by age and circumstance.
Among non-retirees without a retirement plan, 59 percent say they need to earn more money and 49 percent need to pay down existing debt before they can focus on retirement.
Younger Canadians, in particular, are more likely to prioritize career advancement (53 percent) and home ownership (47 percent) over retirement planning.
Economic anxiety is highest among those aged 18-34, though overall financial stress tends to decrease with age.
Personal relationships and trusted sources of information are key factors in building financial confidence. Nearly half of Canadians (48 percent) report that someone in their life—most often a family member or professional—played an important role in their financial education.
Official sources such as banks, advisors, and government programs remain the primary channels for retirement planning information.
The CPP Fund, managed by CPP Investments, is projected to surpass $1tn by 2031 and is expected to remain financially sustainable for at least the next 75 years.
Financial literacy emerges as a powerful enabler, boosting confidence and the ability to save for retirement while reducing anxiety about money.
