Younger Canadians would relocate and take lower pay to land a defined benefit pension
More than half of Canadians would rather hold a guaranteed lifetime pension and never own a home than own property without a workplace plan.
The 2026 Canadian Retirement Survey from the Healthcare of Ontario Pension Plan (HOOPP) and Abacus Data signals how far the retirement-security calculus has shifted for younger workers.
The survey found that 57 percent of Canadians chose a defined benefit (DB) pension over home ownership when forced to pick between the two, and 69 percent said they would accept a slightly lower salary for a job that came with a pension.
More than nine in 10 respondents, 91 percent of the general sample, said they would contribute 9 percent of their salary to an employer-matched DB plan in exchange for a secure lifetime income.
That appetite is reshaping the labour market, particularly among workers under 35.
Abacus Data reported that 65 percent of respondents aged 18 to 34 would change employers for a DB pension or a better plan than they currently have, and 63 percent of that age group said they would relocate to another community to access one, compared with 45 percent of Canadians overall.
David Coletto, chief executive officer of Abacus Data, said the trade-offs reflect a broader shift in how Canadians value pensions.
Coletto said younger workers want employers offering "long-term financial security" and will trade off career gains to find it.
Pensions, he added, now serve as "a competitive advantage for employers."
The survey also pointed to weak retirement readiness that helps explain the demand.
The polling firm found that 49 percent of Canadians said home equity is no longer the best way to fund retirement, while 41 percent of homeowners still plan to rely on selling their home and 60 percent of that group worried about paying off the mortgage in time.
More respondents said they were falling behind financially (38 percent) than getting ahead (33 percent), according to the research, and 43 percent said they may never be able to retire.
Confidence drops sharply heading into the final working years.
According to the survey, 63 percent of Canadians aged 55 to 64 said they do not feel prepared for retirement, and 57 percent of unretired respondents said living paycheque to paycheque was one reason they had not saved.
Sentiment is also tracking economic conditions.
HOOPP reported that 68 percent of Canadians said workplace pensions carry greater value amid global uncertainty, up from 62 percent a year earlier.
Pensions are "becoming an important differentiator in the competition for talent," said Jennifer Rook, HOOPP's vice-president of government, regulatory and stakeholder affairs.
