Manulife's Fraser Wiswell outlines what plan sponsors are missing in current workplace retirement strategies
A recent survey from the National Institute on Ageing (NIA) has found that confidence in retirement among Canadians in shrinking, particularly as Canadians are now living longer than ever.
For Fraser Wiswell, that longevity isn’t necessarily translating into optimism.
"We're seeing that lack of confidence go across their financial health, their physical health, and their social well-being, which really stood out to me, said Wiswell, head of global retirement participant outcomes at Manulife. He argues the industry needs to reframe how it thinks about longevity.
"Longevity really should be a good news story. It should represent more opportunity for people, more time, more connection, and more possibilities," he added. "And we're finding that people have that are not feeling confident at this point."
Yet that optimism isn't reflected in how Canadians feel about their futures. In response, Manulife launched its Longevity Institute to research the challenges tied to aging and collaborate with organizations like the NIA on potential solutions. On the workplace savings side, the focus remains on strengthening support for plan members through education, advice, and timely assistance.
According to the findings, retirements could now stretch to 40 years, yet only 29 per cent of Canadians feel they can retire when they want, down from 35 per cent in 2022. Optimism about aging among Canadians 50 and older also dropped from 62 per cent to 57 per cent in just one year. Meanwhile, 57 per cent report feeling lonely, and 43 per cent are at risk of social isolation.
"That widening gap is the headline risk that employers, advisors, and providers need to address together," said Wiswell, adding retirement planning needs to evolve beyond traditional saving and investing.
"We need to look at retirement planning holistically. Members benefit when guidance connects income, health costs, emergency buffers, and home readiness because stress in one area amplifies vulnerability in the others," he said.
According to Statistics Canada, roughly 37 per cent of Canadians are members of a registered pension plan, with about two-thirds of those enrolled in DB pension plans.
Wiswell explains that Manulife's approach to measuring retirement outcomes centers on present-day behaviour rather than long-range forecasting. The focus is on whether plan members are taking the right actions now and providing the education and support to help them course-correct before it's too late.
Through the Longevity Institute, Manulife is working to integrate financial, health, and social considerations into a unified view of what Canadians need as they age. Wiswell notes that the company's dual role as a health insurer and financial services provider positions it to address all three dimensions. That support extends through a network of financial advisors across the country, with an emphasis on continued product development to keep pace with demographic shifts.
Meanwhile, retirements could last 40 years for many Canadians, yet the window to save hasn't expanded. People aren't necessarily working longer to compensate for longer lifespans. That puts pressure on plan sponsors to maximize engagement during employees' working years - through higher contribution limits, matching programs, and accessible financial guidance.
Wiswell points to Manulife's own research showing that people who work with a financial advisor feel markedly more confident about retirement. Increased savings can narrow the wealth gap, while education and advice tackle the knowledge gap and reduce the anxiety that comes with uncertainty.
According to Wiswell, the broader industry is exploring how personalization and behavioral finance can shape better decision-making in real time. Still, education remains key, helping people understand the choices that will serve them down the road.
Wiswell outlines several priorities for plan sponsors looking to improve member outcomes. First, early preparedness needs to become routine, like building checkpoints into onboarding and life-event communications that push members to consider health costs, emergency savings, and aging-in-place planning alongside contribution rates.
He also stressed the value of reinforcing consistent saving habits and maximizing employer matching, with age-appropriate education that helps members at every career stage.
"Reaching participants and members through the workplace is the best place to connect with them," he said.
Education itself needs to broaden. Rather than focusing solely on account balances, sponsors should address care costs, emergency funds, and home modifications. For Wiswell, that means partnering with advisors and record keepers to embed education and guidance directly into the workplace.
"Confidence improves when members engage with planning through workplace education, digital tools, or a financial professional who can integrate tax, CPP/QPP timing, longevity risk, and estate considerations," he said.
Plan sponsors should also reinforce consistent contributions and full use of matching programs, while expanding education beyond account balances to cover care costs and home modifications, Wiswell noted.
"Ultimately, the aim is straightforward. We need to help people not just save, but plan holistically," he said.
